Cameroon raises 7 billion CFA francs on the BEAC market
The subscription rate of the bond reached 100.6 percent.The Cameroonian Treasury managed to raise the entire seven billion CFA francs (€10.7 million) solicited on the public securities market of the central bank of CEMAC states, on November 16th.
The government said that the money raised will be allocated to major investment projects in the areas of transport, water supply and electrification.
The underwriting rate reached 100.6 percent, in a context of dwindling interest from investors in the debt of many African countries, due to the fall in crude oil prices.
Cameroon thus proves once again its attractiveness. The country's September bond issue, initially launched to raise an amount of 150 billion CFA francs, saw subscriptions reach 173.145 billion CFA francs.
And at the end of July, a bond raised 16.5 billion CFA francs, despite the government only seeking seven billion CFA francs, representing a subscription rate of 235 per cent.