CAIRO - African countries are turning to green financing to access low-interest bonds to mitigate rising global interest rates and massive debt burdens.
Egypt — which spends 45% of its annual budget on debt-servicing costs — and Angola are both preparing Environmental, Social, and Governance linked debt issuances.
This year, Egypt is set to become the first African country to issue a renminbi-denominated green bond with a $345 million partial credit guarantee from the African Development Bank.
About 25 African countries are classified as being at high risk of debt distress.
