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The surge in private capital flows to developing countries during the 1990s has largely bypassed sub-Saharan Africa. In sharp contrast to the earlier lending boom of 1977-82, when sub-Saharan Africa accounted for 8.9 percent of total private flows to developing countries, the region accounted for only 1.6 percent of such flows during the period 1990-95. However, this low share of international private flows during the 1990s masks significant differences among countries and types of flows. This paper provides an overview of trends in private flows to highlight both common features and differences within the region, and undertakes an analysis of the macroeconomic factors that have influenced private flows to the region.