AfDB advises Africa states to borrow closer home

African governments in the grip of Eurobond fever have been asked to look closer home to secure financing vital to their economic development as borrowing costs on international debt markets rise.

According to the president of the African Development Bank (AfDB), Akinwumi Adesina, Africa has seen a boom in dollar-debt issuance over the past decade as countries have sought to borrow, often for costly infrastructure projects, at a time when investors in the United States and Europe sought out higher yields in emerging markets.