Africa-Press – Rwanda. The International Finance Corporation (IFC), the private sector arm of the World Bank, on July 18, listed a Rwf24 billion corporate bond on the Rwanda Stock Exchange (RSE).
The new eight-year bond issued under IFC’s Pan-African Domestic Medium-Term Note Programme, shall pay a coupon of 10.25 per cent per annum, according to a statement issued by RSE.
“This strategic issuance reflects Rwanda’s growing role in facilitating sustainable capital flows and supporting development-oriented investments through its local financial markets,” the statement reads in part.
The net proceeds from the issuance will be used by IFC to support its lending operations in Rwanda, with an emphasis on financing private sector-led development projects, advancing inclusive and sustainable growth in line with the UN Sustainable Development Goals and promoting climate-resilient and impact-driven investments.
It last issued a Rwf15.5 billion bond dubbed “Umuganda” on RSE in 2014, and it was oversubscribed by over 111.6 per cent, allowing it to raise Rwf32.8 billion.
According to RSE, the listing of the IFC bond highlights the steady advancement of Rwanda’s capital markets and underscores the growing confidence international investors have in our financial systems. “It also supports our broader ambition to elevate Kigali’s profile as a leading financial center in Africa.”
IFC is a member of the World Bank Group and the largest global development institution focused exclusively on the private sector in developing countries to advance economic growth by providing investment and advisory services that encourage entrepreneurship, create jobs, and reduce poverty, while promoting sustainable and inclusive development.
In the fiscal year of 2024, IFC’s long-term investments in Africa totalled more than $11 billion.
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