The Bank for International Settlements published an analysis finding that international credit to sub-Saharan Africa has expanded rapidly since the global financial crisis. Outstanding cross-border loans more than doubled from about USD 100 billion at end-2009 to USD 264 billion at end-2025, while international bonds increased more than sevenfold from around USD 27 billion to USD 192 billion. The expansion reflected borrowing by more African countries, the rise of Chinese banks under the Belt and Road Initiative and greater bond issuance following debt relief and favorable global financing conditions. Chinese banks remain the region’s largest bank lenders, serving as the primary lender to 24 countries at end-2025, although their lending slowed significantly after 2020. Cross-border lending began expanding again in 2025, driven by French, South African and U.S. banks, but creditor concentration remains high, with 24 countries receiving more than half of their loans from banks of one nationality. Governments now account for 30% of cross-border loans and about two thirds of outstanding international bonds, while the continued dominance of U.S. dollar financing leaves borrowers exposed to exchange rate and debt sustainability risks. London remains a key lending hub.
2026-09-14Bank for International Settlements
Bank for International Settlements finds international credit to Africa surged, with loans at USD 264 billion and bonds at USD 192 billion
The Bank for International Settlements found that cross-border loans to sub-Saharan Africa reached USD 264 billion and international bonds USD 192 billion at end-2025 after rapid growth since the global financial crisis. Chinese banks remain the largest lenders, although lending growth resumed in 2025 through French, South African and U.S. banks. Government borrowing, creditor concentration and reliance on U.S. dollar financing create debt sustainability and exchange rate risks.