PS Singoei calls for cut to Africa's borrowing costs at AfCoDD VI

Singoei welcomed delegates to Nairobi, describing the city as home to the United Nations Office at Nairobi (UNON), the only UN headquarters in the Global South.

In his address, the PS said Africa continues to pay what he termed a "trust tax," arguing that the continent defaults on debt far less than commonly perceived, yet pays an extra $75 billion annually in inflated risk premiums, a figure that exceeds what it receives in aid and climate finance combined. He noted that 22 African countries are currently in debt distress.

Singoei called for Africa's borrowing premium to be cut by 200 basis points over the next three to four years, a move he said would free up roughly $20 billion, enough to fund the African Union's Agenda 2063 infrastructure programme.

He urged African nations to speak with one voice on debt justice, illicit financial flows and reform of voting rights at the International Monetary Fund, through the AU's Common African Position, ahead of the Global Trust Summit set to take place in Nairobi this October.