Lors du 38th AU summit, African countries approved a mechanism to support the refinancing of the continent's debt. Interest rates on African debt have contributed to increased debt service

The creation of the African Financial Stability Mechanism (AFSM) was approved in order to allow the refinancing of the financial stability of the continent and the support of the refinancing of government debt. This initiative is led by the African Development Bank (AfDB) and aims to meet the pressing liquidity needs of African countries to refinance their debt. In a context where debt service weighs heavily on public finances, the immediate implementation of this mechanism could save up to $20 billion by 2035, according to the institution. According to Akinwumi Adesina, é Group President of the style="font-family: "Bookman Old Style”, serif">bad, “ l '' Afrique a besoin d style="font-family: "Bookman Old Style”, serif">a trickle of s é é Curir é gional pour fournir des liquidit s de refinancement de la dette Already grande Already chelle et style="font-family: "Bookman Old Style"”, serif"> a co û and affordable

According to the financial institution, African debt refinancing needs will reach $10 billion per year over the next decade. Due to rising interest rates and risk premiums imposed by investors, accessing international financial markets remains a major challenge for countries on the continent, which face much higher borrowing costs than those in other regions.