Digging out of debt: sovereign finance in commodity economies

In this episode, Paola Subacchi sits down with Kamran Ahmad to unpack a persistent paradox: why countries rich in natural resources so often struggle to build lasting prosperity. The conversation dives into the complexities of financing commodity extraction, with a focus on how partnerships and project finance can unlock capital for large-scale initiatives – and ensure that resource wealth translates into sustainable economic development.

Hosts & Guests

Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.

Kamran Ahmad is a partner in the Energy, Infrastructure and Project Finance Group in London.

He has extensive experience acting for the full spectrum of market participants, including banks, multi-laterals, investors, sponsors and project companies, on greenfield and brownfield transactions covering a wide range of infrastructure sectors and financing techniques including bank debt, project bonds and multi-source financings. Kamran Ahmad also regularly advises on the development and financing of projects in the energy sector including conventional and renewable power, as well as, commodities based financings (including reserve based lending).

Production Paola Subacchi

Coordination Nathalie Corvée

Musique Nils Bertinelli

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