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International credit to Africa

Author

Listed:
  • Bryan Hardy
  • Swapan-Kumar Pradhan
  • Előd Takáts

Abstract

International credit to Africa has expanded quickly since the Global Financial Crisis (GFC). Three new elements have distinguished this growth from the past. First, Chinese banks emerged as key lenders on the back of the Belt and Road Initiative. Nevertheless, renminbi usage remained limited, with most international credit still denominated in dollars. Second, more African countries started to borrow internationally following the implementation of debt relief programmes. Third, international bond issuance grew rapidly amid easy financial conditions post-GFC. Beyond these developments, governments remained the dominant borrowers, even increasing their share in international credit in both loans and bonds. London continued to be a key hub from which banks lend to Africa.

Suggested Citation

  • Bryan Hardy & Swapan-Kumar Pradhan & Előd Takáts, 2026. "International credit to Africa," BIS Quarterly Review, Bank for International Settlements, September.
    • Handle: RePEc:bis:bisqtr:2609d
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    More about this item

    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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