African countries and other frontier and emerging markets are facing an ever-higher number of urgent challenges requiring meaningful government spending and intervention, including the global headwinds posed by the COVID-19 pandemic, food security threats, and population growth as well as increasing climate exposure requiring massive infrastructure investment. Fiscal space is tighter than ever. Since 2006, African countries have engaged in enthusiastic issuance of Eurobonds on international markets to finance national development priorities—a strategy which puts fiscal strain on governments and is vulnerable to exchange rate swings. Looking ahead, how can African countries find more sustainable ways to mobilize public and private financing around long-term investments in critical sectors such as infrastructure, health, and agriculture, while reducing their reliance on external financing and shoring up financial resilience?