Chad issues new bond to finance its International Business City

Sep 26, 2013

Chad has issued Cfaf85 billion (€129.5 million) worth of bonds on the Douala Stock Exchange, the government has announced on Wednesday (September 25th).

Chad has issued Cfaf85 billion (€129.5 million) worth of bonds on the Douala Stock Exchange, the government has announced on Wednesday (September 25th).

The total amount of the issue is divided into 8.5 million bonds with a nominal value of Cfaf10,000, with a subscription period opened until November 15th.

The purpose of this bond, which provides
an
annual coupon rate of six percent over five years, is to fund up to 35 percent of the construction of the International Business City (CIA).

This project should be completed by 2015 and its construction is expected to create 5,000 jobs.

"This bond does not undermine our solvency. Our debt ratio is located below the community standard of CEMAC, "said Chadian Minister of Finance Atteib Doutoum, quoted by Xinhua news agency. The first sovereign borrowing of the country on the Douala Stock Exchange raised Cfaf107.6 billion.ADNFCR-2976-ID-801642202-ADNFCR