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Zambia Completes $1.36B Debt Swap, Funds Grid Upgrade

6/11/2026

Summary

Story summary

Zambia completed a $1.36 billion debt-for-development swap, the first focused on energy infrastructure.
A $600 million African Development Bank loan funded the buyback, secured near-unanimous bondholder support and will channel roughly $275 million of savings into modernising the electricity grid over 15 years.
Holdout creditors agreed after Zambia raised price to 84 cents and extended deadline to June 9, leading Fitch and S&P Global to say the deal preserves credibility ahead of August elections.

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Story summary

Zambia completed a $1.36 billion debt-for-development swap, the first focused on energy infrastructure.
A $600 million African Development Bank loan funded the buyback, secured near-unanimous bondholder support and will channel roughly $275 million of savings into modernising the electricity grid over 15 years.
Holdout creditors agreed after Zambia raised price to 84 cents and extended deadline to June 9, leading Fitch and S&P Global to say the deal preserves credibility ahead of August elections.