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Evergrande default leaves Egypt, Ghana as most-exposed African borrowers: Rencap

By David Whitehouse
Posted on Thursday, 23 December 2021 11:06

REUTERS/Tyrone Siu

Stresses in the Chinese property sector culminating in the default of the country’s largest real-estate developer Evergrande cloud the outlook for African sovereign debt in 2022, Renaissance Capital’s global chief economist Charles Robertson told a briefing on 16 December.

The Evergrande debacle has dampened commodity prices, which in turn is hurting the attractiveness of African eurobonds, Robertson said. He sees China’s property woes as a problem for emerging markets rather than the global financial system. “Evergrande is the biggest threat to emerging markets in 2022.”