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Cote d'Ivoire seeking 300 mln USD from regional financial market

Xinhua, May 13, 2016 Adjust font size:

Cote d'Ivoire's public treasury has floated a bond seeking 150 billion CFA Francs (300 million U.S. dollars) on the regional financial market, the West African Economic and Monetary Union (UEMOA).

A statement released Thursday by the treasury indicated that the subscription period will be between May 10 to June 10, 2016.

The funds mobilized will be used to fund investments envisioned by Cote d'Ivoire government in 2016.

This year, the government prepared a budget of 6,000 billion CFA Francs, out of which 1,200 billion was to be mobilized on the regional financial market.

The price of the current bond is 20 dollars and it will earn an annual interest of about 1 dollar per unit.

Cote d'Ivoire had already floated bonds on UEMOA regional market as well as on the Islamic financial market through the "Sukuk program," seeking a total of 600 million dollars.

The current bond is the fifth to be floated by Cote d'Ivoire on the UEMOA market since the coming to power of President Alassane Ouattara in 2011.

Since 2011, Cote d'Ivoire's economy has been growing at 9 percent, after two decades of economic recession due to numerous political crises.

A vast reconstruction program, marked with large scale infrastructure projects such as roads, bridges, schools, hospitals, electricity and water, has been launched in the country which hopes to become an emerging economy by 2020. Endit