Low-income countries turn to risky bank loans

The fragile developing nations frozen out of global bond markets have turned to an old – and some say risky – source of money to fill budget gaps: syndicated loans.

Kenya and Ghana, chosen by high commodity prices and rising borrowing costs, is one of the countries that said they would not be able to issue foreign currency bonds this year. Instead, they will borrow using syndicated loans, a form of direct lending from large commercial banks.

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