Nigeria, Oct. 2 -- A new initiative is being launched by the African Development Bank (AfDB) to assist the continent's countries to improve their sovereign credit rating and subsequently bring down borrowing costs.

AfDB President Sidi Ould Tah stated at the S&P Emerging Markets Conference in London that poor data, lack of transparency and market infrastructure was harming the perception of African economies.

The new initiative, to be rolled out through the African Legal Support Facility, will see governments supported in their preparations for credit assessments. It will also provide information to international rating agencies.

The News Chronicle reports that only three of Africa's 54 economies currently have investment-grade credit ...