The African debt landscape has changed radically in the first two decades of the twenty-first century. The new debt composition has increased risk, exacerbated by the pandemic: richer countries borrowed at rock-bottom interest rates, while Africa faced an expensive jump in indebtedness. A new approach is needed, and could turn crisis into opportunity. Urgent action by both lenders and borrowers can reduce risk, while carefully preserving market access; and smart deployment of private finance can provide the scale of investment needed to achieve development goals and tackle the climate emergency.

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