Africa's Odious Debts
How Foreign Loans and Capital Flight Bled a Continent
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Africas Odious Debts explodes the myth that Africa is a drain on the Wests finances, revealing that the continent is actually a net creditor to the rest of the world. Of the money borrowed by African governments, more than half departs in the same year, with a significant portion of it winding up in private accounts at the very banks that provide the loans. Meanwhile, debt-servicing means less money for public health and other needs. Revealing the intimate links between foreign loans and capital flight, this is a vital book for anyone interested in Africa, its future and its relationship with the West.
- Zed Books, October 2011
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