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African governments are increasingly turning to debt swaps and other structured financing arrangements to reduce debt-service pressures while directing savings towards infrastructure, climate resilience and social development, as high borrowing costs and constrained public budgets limit conventional financing options. From Zambia’s debt-for-development transaction and Kenya’s geothermal financing to debt-for-nature arrangements in Gabon, the emerging approach is linking sovereign debt management more closely with specific development outcomes. The expansion of these instruments, however, is also placing greater emphasis on transparency, fiscal oversight, and the ability of governments to demonstrate that financial savings…