International credit to Africa

Bryan Hardy, Swapan-Kumar Pradhan and Előd Takáts

BIS Quarterly Review, 2026

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.

JEL-codes: F31 F34 F36 G15 G21 (search for similar items in EconPapers)
Date: 2026
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