Improving Governance in Africa

Funding needs driven by development financing commitments In USD million 3,844 Borrowing program 5,667 4,664 3,912 11,869 2012 2013 2014 2015 2016 Issuing AAA bonds across continents... NZD NGN KES AED JPY HKD GHS CAD BRL BWP AUD EUR USD IDR VND H MXN ZMK GBP UGX ZAR TZS TRY CHF SEK RUB SGD SWAPPED INTO... Derivatives used to protect against currency risks and interest rate risks ZAR 5% Outstanding borrowings of USD 25 billion USD 57% EUR 36% + CHF 2% 34

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