The adoption of the New Partnership for the Development of Africa (Nepad) in 2001 ensured the clarification of the priorities which underlie this initiative which tries to be global and integrated. One of them is based on the reduction of debt and the stimulation of the FDI. Our contribution tries to link these two objectives through the implementation of the debt-equity swaps mechanisms. Despite the controversies which characterize them, we reexamine these market solutions and determine the allocation of resources between the different participants to these transactions through a theoretical model inspired by Helpman (1989) and Bowe & Dean (1993).