The African Development Bank (AfDB) announced in a report published last Friday that African countries are expected to make payments totalling around $74 billion in 2024 under the service of debt compared to 17 billion dollars in 2010.

The African Development Bank report states that $40 billion, or 54% of total debt service, is owed to private creditors. Indeed, countries on the African continent had benefited, over the past two decades, from an increase in financing volumes from private investors looking for high returns. Between 2000 and 2021, 23 African countries issued more than 125 eurobonds worth more than 1510 billion dollars. By 2025, private creditors will still account for more than 50% of total debt service payments coming due