Government raises 15 billion francs with Treasury bond

17:43 - 27 November 2015

President Paul Kagame of Rwanda waits to address attendees during the 70th session of the United Nations General Assembly at the U.N. Headquarters in New York, September 29, 2015. REUTERS/Carlo Allegri

Proceeds of the bond, which attained a subscription rate of 176.39 percent, will be used to fund various infrastructure projects.

Rwanda sold a three-year Treasury bond worth 15 billion francs ($20.25 million) at a rate of 11.80 percent, the central bank said late on Wednesday.

The East African nation also uses the issuance as a way of developing its capital markers. The bond will be listed for trading on the stock exchange, the central bank said.

It added that next issue will be in February next year when it will offer a 5 year Treasury bond.