1115 Across Africa, governments are spending over $100bn annually on external debt service — often exceeding national budgets for health or education. As debt burdens rise, fiscal space is shrinking at the exact moment when investment in climate resilience, clean energy, and sustainable development is most urgent. Strengthening domestic debt markets and embedding sustainability into debt strategies can create a virtuous cycle: easing short-term repayment pressures while unlocking long-term, affordable capital for national priorities.