African Eurobond Investors Face $10 Billion Losses, Says ODI

Investors in African Eurobonds face losses of more than $10 billion because of the weakness of currencies on the continent, according to a report published on Wednesday by U.K. research center the Overseas Development Institute.

“Today’s economic environment in sub-Saharan Africa is similar to the boom that preceded the bust in the debt crises in Africa and Asia in the 90s when western governments and banks wrote off billions of pounds of debt,” Judith Tyson, ODI research fellow and author of the report, said in a press release. “Billions of dollars are again at stake, not to mention the financial stability of the region.”