African leaders create fund to provide cheaper debt

Beset by debt and billions of dollars in unfunded priorities, African leaders have approved a fund to provide concessional lending to cash-strapped governments.

The facility, known as The African Financial Stability Mechanism (AFSM) will be managed by the African Development Bank (AfDB), Reuters reported Tuesday.

It will have its own credit rating and will be able to borrow from international money markets, the bank said in a…