India, Feb. 20 -- Many African nations are defaulting on payment of loans they have utilised for funding climate-resilient infrastructure

In December 2023, Ethiopia became the third African country in as many years to default on its global debt payment. It was supposed to pay $33 million to holders of the country's only international government bond on December 11 but failed to do so even after the 14-day grace period ended on December 25. Zambia and Ghana are the other two countries to have defaulted on their debt since 2020.

Several African nations are faced with a debt crisis. Many of them have faced downgrades from prominent credit rat-ing agencies in the past five years. These nations include Kenya, Morocco, Nigeria, Ghana and Egyp...