IFC Issues Rwanda Franc "Umuganda" Bond to Support Rwanda's Capital Markets
Rwanda, July 21 -- In a move to support the development of Rwanda's capital markets, IFC, a member of the World Bank Group, issued a 24 billion Rwandan franc bond- equivalent to approximately 17 million US dollars.The eight-year, amortizing bond helps pave the way for more international borrowers to issue bonds in the country and is IFC's first onshore Rwanda franc denominated bond in eleven years.Money raised through the bond will go towards a digital infrastructure project in the country-helping the client mitigate risks associated with currency fluctuations that occur when borrowing in US dollars or another international currency.The bond-listed on the Rwanda Stock Exchange-attracted diverse investors, including pension funds, insurance ...
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