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Saturday, January 31, 2015, Magh 18, 1421, Robi-Us-Sani 9, 1436 Hijr

Ivory Coast aims to borrow over $1b
Published : Saturday, 31 January, 2015,  Time : 12:00 AM,  View Count : 48

ABIDJAN, Jan 30: Ivory Coast will next month tap international lending markets for a second time, aiming to raise more than $1 billion in a placement of bonds, the country's finance minister said Thursday.
"The objective is to complete the operation by the end of February 2015 so that the money will be available in March," Daniel Kablan Duncan told a news conference.
Ivory Coast successfully raised $750 million in a eurobond placement last July in its first foray into the international debt markets.
The 10-year bonds were placed with a yield of 5.625 per cent, just a month after its international partners wrote off $6.5 billion in development aid.
Duncan did not specify what the next tranche of borrowed money would be used for, but since the country's political crisis ended in 2011 with the installing of Alassane Ouattara as president, the country has stepped up infrastructure spending.
That has helped Ivory Coast achieve growth rates of between 8 and 10 per cent the past three years.    ?Agencies

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