Making Debt Work For Education - How Debt Swaps Can Contribute to African Education

Debt swaps have become an attractive alternative for many developing countries where the overwhelming volume of debt precludes full repayment of loans.This document explains debt swaps. Using charts, graphs and concrete examples, the authors outline the basic prerequisites of eligibility for a swap, as well as mitigating factors and inherent risks. The Technical Annex includes a description of how Zambia managed a US$ 200 million commercial debt reduction through a debt swap., eng