Citi Sees Growth in African Debt Swaps for Nature, Food Security
- African cost of debt from international markets remain high
- Citigroup have hired more people in its risk and control teams
A farmer ploughs a field on his tractor in Shendi, Sudan.
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A number of African governments are in talks to swap some of their commercial loans for cheaper borrowing linked to food security, nature, health and education, said Citigroup’s sub-Saharan Africa head Akin Dawodu.
The US bank is exploring options with some of its clients to convert debt into bonds that target environmental, social and governance objectives, which can attract keener terms for issuers due to the higher demand for such investments.