Chad launches €152m bond offering
Chad's government is seeking funds through Central Africa financial market with the launch of a 100 billion FCFA (€152.4 million) bond offering, Xinhua news agency reports.Speaking on Monday (May 30th), Chad's Finance Minister Gata Ngoulou stated: "The funds will allow us to carry out several public funded projects essential for Chad's development and the reduction of its debt."
The projects mentioned will target the transport infrastructure, health and education sectors, with the aim of improving standards for the population of the country.
A yearly fixed interest rate of six per cent applies to the bonds, which are each valued at 10,000 FCFA. A total of 10 million are to be issued.
The subscription period runs to 23 June 2011 and the duration of the loan is five years.
Interest on these bonds is tax free in all the states members of the Economic Community of Central African States (CEMAC), the agency reports.