Ethiopia Signs $3.5 Billion Debt Restructure With OCC Group (1)

Ethiopia agreed a memorandum of understanding to restructure its loans with official creditors, formalizing a debt treatment plan offering relief for more than $3.5 billion.

The deal with official creditors led by China and France will boost efforts for agreements with private creditors, according to the finance ministry. Ethiopia defaulted on a $1 billion eurobond a year before its December 2024 maturity.

“Ethiopia continues to engage in good faith with all its other participating external creditors and seeks to conclude restructuring agreements on terms compatible with the country’s need for debt relief and the comparability of treatment principle,” State Minister ...