Fund for cheaper debt created by African leaders
African leaders have set up a continental financial stability fund, the African Development Bank (AfDB) said, to try and stave off potential debt crises on the continent before they take hold, reported Reuters on February 19th.
The African Financial Stability Mechanism (AFSM), as the facility will be known, will get its own credit rating so it can borrow on international capital markets, its host the AfDB said in a statement on February 18th.
African leaders had called for the establishment of the fund back in February 2022 and mandated that the AfDB prepared its creation.
Reuters
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