Sing'oei calls for lower borrowing costs for African countries

Foreign Affairs Principal Secretary Koryir Sing’oei has called for lower borrowing costs for African countries, saying high risk premiums are costing the continent billions of dollars annually...

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Foreign Affairs Principal Secretary Korir Sing'oei has called for a reduction in borrowing costs for African nations, highlighting the significant financial burden imposed by high risk premiums.

African countries are paying an estimated $75 billion annually in additional interest due to inflated risk premiums.
The call was made by PS Korir Sing'oei at the sixth Africa Conference on Debt and Development in Nairobi.
Sing'oei proposed a 200-basis-point reduction in premiums over the next three to four years, which could free up approximately $20 billion for the African Union’s Agenda 2063 infrastructure program.

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