West Africa: EBID's bond oversubscribed

Apr 15, 2014

The 2014-2021 bond of the ECOWAS Bank for Investment and Development (EBID) has surpassed expectations, with a subscription rate of 145.12 percent, according to management and intermediation company CGF Bourse.

The 2014-2021 bond of the ECOWAS
Bank
for Investment and Development
(EBID) has surpassed expectations, with a subscription rate of 145.12 percent, according to management and intermediation company CGF Bourse.

The bond was launched on 18 February 2014 for a period of one month, but was closed early on 14 March when the amount collected reached Cfaf58 billion, although 40 billion FCFA (€ 61 million) were initially sought, APA news agency reports.

The EBID loan is subject to an interest rate of 6.5 per cent net per annum for a period of seven years, including a one year grace period on principal repayment.

The funds will finance the general operations of eight projects intended to contribute to the economic development of Burkina Faso, Côte d'Ivoire, Mali, Niger, Senegal and Togo.

These projects involve the mining, hospitality, banking, pharmaceuticals, food processing and telecommunications sectors.ADNFCR-2976-ID-801712588-ADNFCR