India, Nov. 6 -- African multilateral development banks are facing challenges to their preferred creditor status, a crucial factor for securing affordable finance.

Powerful global financial entities question their status, potentially increasing borrowing costs for Africa.

To counter this, African governments and banks must collectively defend their legal standing and credibility.

A quiet but consequential contest is playing out in the global financial architecture. One that could determine Africa's ability to finance its own development.

In recent months, powerful voices from the International Monetary Fund (IMF), the Paris Club and US investment bank JP Morgan have questioned the preferred creditor status of African multilateral deve...