The Liquidity and Sustainability Facility for African Sovereign Bonds Published: 10 March 2021 Over the past few decades, market-based finance has become central to the global financial system. Huge volumes of financial instruments are traded on a daily basis. In an effort to improve access to global financial markets for African countries, the United Nations Economic Commission for Africa (ECA) – in cooperation with the asset management firm PIMCO – has proposed setting up a Liquidity and Sustainability Facility (LSF). This is designed to create a Special Purpose Vehicle to subsidise private sector investment in African sovereign debt. The LSF would be financed by official development assistance (ODA), multilateral development banks and/or by the central banks of members of the Organisation for Economic Co-operation and Development (OECD).