Bond Markets & Exchanges News
The bond is expected to be issued by June 2017 and mature for a period of five to seven years.
The fund will be used to finance new projects in member nations.
The debut Islamic bonds will enhance participative banking in Morocco
Islamic finance could benefit from an 80 million-strong untapped market of unbanked Muslims.
The government wants to finance its economic reforms.
The WBI was launched on December 14th.
The AfDB stated the fund will address the perception and challenges that create barriers for investors to commit to local currency fixed income in Africa.
They are totalling $2.8 billion.
This is the first time that the country will issue bonds on the CEMAC market.
It said countries with rapidly depreciating currencies will be hit by the impact of a US interest rate rise.