After stabilizing their macro indicators by the turn of the century, many African countries sought external financing for critical investments in infrastructure and technology that were necessary for growth and vital to the attainment of their development aspirations. Unfortunately, their access to global financial markets was stymied: At that time, only one African country, South Africa, had a sovereign credit rating.1 To address this, UNDP partnered with S&P in 2003 to support credit ratings for viable African countries. Since then, 34 African countries have been rated and 21 countries have raised $155 billion Eurobonds.2
The effects of access to global capital markets
In the early 2000s, some observers were concerned that…