African governments have developed a taste for Eurobonds: why it’s dangerous


South Africa was the first to issue Eurobonds in 1995. To date, 21 African countries have sold Eurobonds worth a combined total of over US$155 billion. 

International financial markets have opened a window for African governments to diversify their funding sources from traditional multilateral institutions and foreign aid. For example, they can now borrow through issuing Eurobonds – these are international bonds issued by a country in a foreign currency, usually in US dollars and euros.


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