Rwanda to sell 5-year Treasury bond in August

Rwanda will sell a five-year Treasury bond worth 10 billion francs ($12.12 million) this month to fund infrastructure projects, the central bank said on its website.

Bids for the bond, whose coupon will be determined by the market, will be received from Aug. 21 to Aug. 23.

Rwanda has been issuing bonds as part of a plan to develop its tiny capital market and fund infrastructure projects.

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The East African country wants to reduce its dependence on aid to finance its national budget. Currently, 17 percent of Rwanda’s budget is financed by aid money.

The bank said the bond will be listed on the Rwandan stock market on Aug. 29 for secondary trade.

Reuters

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