World Bank Debt Data Shows Africa’s Uneven Access to External Financing

Developing countries received $45 billion in net long-term external debt financing in 2025, reversing a $118 billion outflow in 2024, according to the World Bank’s November 5 report. International bond issuance by public-sector borrowers rose nearly 35% to $251 billion as governments regained access to private capital.

In sub-Saharan Africa, excluding South Africa, net long-term debt inflows had reached $31.3 billion in 2024, with multilateral creditors providing $22.7 billion.

Benin, Côte d’Ivoire and Kenya also returned to international bond markets, although their financing arrangements and repayment obligations differed.

The World Bank’s latest findings show that some developing countries issued new bonds to repurchase existing debt, extending repayment schedules without substantially reducing their liabilities.

For African governments, the amount raised through new borrowing must therefore be assessed alongside principal repayments to establish how much additional financing they received.

African Governments Receive Uneven External Debt Financing

Kenya’s net long-term public and publicly guaranteed external debt inflows rose to $2.09 billion in 2025 from $638 million in 2024, according to the World Bank’s International Debt Statistics. New disbursements increased to $5.30 billion, while principal repayments declined to $3.21 billion.

Côte d’Ivoire received $1.99 billion in net financing, down from $3.03 billion a year earlier. Disbursements fell to $4.82 billion, although lower principal repayments partly offset the decline. Interest payments increased from $1.29 billion to $1.54 billion.

Benin’s net inflows declined to $1.26 billion from $1.60 billion as disbursements fell to $1.99 billion and principal repayments increased to $736 million. The country also paid $351 million in interest on its public and publicly guaranteed external debt.

All three governments received more in new external financing than they repaid in principal during 2025. Kenya recorded a substantial increase in net inflows, while Côte d’Ivoire and Benin received less than in 2024.

These figures exclude interest from the net-flow calculation and do not establish how much financing was available for additional government spending.

African Eurobond Deals Extend Government Debt Repayments

Kenya issued a $1.5 billion Eurobond in February 2025, maturing in 2036. The government used $579 million of the proceeds to repurchase part of its $900 million bond due in 2027, reducing the amount scheduled for repayment that year.

Côte d’Ivoire raised $1.75 billion in March 2025 through an international bond maturing in 2036, at a euro-swapped borrowing rate of 6.4%. Part of the proceeds financed buybacks of bonds due in 2028 and 2032.

The government returned to international markets in February 2026 with a $1.3 billion issue carrying a 6.75% coupon and a 15-year maturity. A currency swap reduced its euro-equivalent coupon to 5.4%.

These transactions allowed both governments to replace portions of existing debt with longer-dated obligations. Kenya reduced its 2027 repayment requirement, while Côte d’Ivoire refinanced earlier maturities and raised additional capital. The amounts issued therefore exceeded the financing available after the repurchases.

World Bank and AfDB Loans Offer Alternative Financing for African Governments

Angola secured World Bank approval for a $750 million development policy loan in March 2026 to support fiscal and economic reforms. The package included a $240 million policy-based guarantee, while the Multilateral Investment Guarantee Agency provided insurance covering a $400 million commercial loan. The guarantees support access to private financing alongside direct lending.

Ghana signed a $500 million World Bank credit agreement to improve rural roads and agricultural market access. The project has a June 2031 closing date, with financing tied to implementation. World Bank records had not reported any disbursements against the credit at the time of the latest disclosure.

Rwanda received approval for a $100 million development policy credit and a $240 million guarantee in March 2026. Additional World Bank Group support could help mobilise up to $450 million in commercial financing. The proposed commercial borrowing is separate from the approved development credit.

World Bank financing terms vary by country and facility. Eligible International Development Association credits can carry maturities of 31 or 40 years, including grace periods of six or 11 years.

Project loans are generally disbursed during implementation, while policy-based financing depends on agreed conditions. These arrangements give governments access to financing without issuing new international bonds, although approved amounts do not necessarily represent funds already received.

African Governments Prepare for Their 2027 Debt Repayments

Kenya has $214 million outstanding on its Eurobond due May 22, 2027, according to National Treasury records updated in October 2026.

The bond carries a 7% coupon, with repayments scheduled across 2026 and 2027. The government has yet to announce whether the remaining obligation will be refinanced or repaid at maturity.

Ghana’s restructured Eurobonds mature between 2029 and 2037, although debt servicing has resumed. Its 2025 public debt report recorded $1.80 billion in external debt-service payments.

The IMF has identified outstanding commercial-creditor agreements and bilateral debt negotiations among the country’s remaining restructuring requirements.

Benin faces scheduled IMF repayments beginning in January 2027. Its February debt sustainability assessment identified external refinancing risks, with authorities planning greater reliance on domestic securities and concessional financing to manage borrowing requirements.

Kenya’s May bond maturity and Benin’s January repayments establish immediate financing deadlines for 2027. Ghana’s outstanding restructuring agreements remain another unresolved obligation.

The amounts these governments need to borrow will depend on scheduled repayments, available fiscal resources and financing secured before the payments fall due.