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

By Misheck Mutize, Post Doctoral Researcher, Graduate School of Business (GSB), University of Cape Town
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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.

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…


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