AFRICAN governments are increasingly exploring alternative ways to finance infrastructure, moving beyond conventional external borrowing toward capital-market instruments, pooled investment vehicles, and domestically anchored funds. Policymakers and market participants say the shift reflects tighter debt constraints, rising currency risks, and a policy push to mobilise long-term local capital for transport, energy, and social infrastructure while reducing reliance on foreign-currency loans. “By pivoting toward domestic capital mobilisation, countries are effectively attempting to match long-term infrastructure liabilities with stable, locally sourced funding, while simultaneously deepening domestic financial markets,” according to Shem Joshua, a Kenyan public finance management expert. Across the continent, the…