Ivory Coast launches new €183 million bond on the WAEMU market

May 02, 2014

Ivory Coast is to issue Cfaf120 billion (€183 million) worth of bonds on the financial market of the West African Economic and Monetary Union (WAEMU).

Ivory Coast is to issue Cfaf120 billion (€183 million) worth of bonds
on the financial market of the West African Economic and Monetary Union (WAEMU).

The bond "TPCI 6.5% from 2014 to 2022 ,"which
bears
an annual rate of 6.5 percent over a period of eight years, will be open for subscription between 28 April and 15 May
2014,
according to a statement published on the Ivorian Treasury website .

This funding will support efforts towards healthier public finances, contributing to "the partial clearance of arrears on domestic debt". It will also finance public projects undertaken by the State.

These include roads and bridges, airport infrastructure,
telecommunications
equipment and information and communication
technology, as well as the rehabilitation of schools and universities.

Ivory Coast had already issued in February Cfaf250 billion (€375 million) worth of bonds on the financial market of the WAEMU.

These bonds are part of a wider operation to raise $1billion of sovereign debt on international markets in 2014.

The objective is to finance major development projects planned under
the National Development Plan 2012-2015.ADNFCR-2976-ID-801717426-ADNFCR