Country to issue $20M local currency bond to develop infrastructure

Pulse Staff 08:39 - 01 February 2016

Traffic builds up on the main street on the eve of a referendum as Rwandans will vote to amend its Constitution to allow President Paul Kagame to seek a third term in Rwanda capital Kigali, December 17, 2015. REUTERS/James Akena

Rwanda has been issuing bonds as part of a plan to develop its tiny capital market as well as fund infrastructure projects in the land-locked nation of 11 million people, which strives to reduce aid dependence to finance its national budget.

Rwanda will sell a five-year Treasury bond worth 15 billion francs ($20.24 million) this month, the central bank said on its website.

The bank said the bond will have a market-determined fixed coupon and its proceeds will be used for infrastructure projects. It will receive bids between Feb. 22 and Feb 24.

($1 = 741.0000 Rwandan francs)