Rwanda Generates $620million Through 10-Year Eurobond Issuance

Rwanda Generates $620 million through issuance of 10-year Eurobond. (News Central TV)

The Government of Rwanda has successfully raised $ 620 million through the issuance of a 10-year Eurobond.

In a statement issued by Rwandan Ministry of Finance and Economic Planning, the bond was oversubscribed with orders of 1.6 billion dollars.

Announcing the results, the Minister of Finance and Economic Planning Uzziel Ndagijimana said that Rwanda has a strong track record of sound economic policies and reforms leading to sustained economic growth.

The funds raised is expected to accelerate strategic projects in productive sectors that will further boost the country’s economic transformation efforts.

Rwanda ranks 2nd in Africa on the Ease of Doing Business list

The proceeds of the bond will be used partly to refinance the existing Eurobond which is due in May 2023, and the rest will fund priority projects that support recovery from the economic downturn triggered by the COVID-19 pandemic, and help spur export growth.

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Other considerations, according to the statement, include safeguarding environmental protection and mitigating adverse effects of climate change.

Economic growth of the central African nation averaged at 7.8 percent over the last two decades and the economy is expected to grow 5.1 percent this year, with prospects of returning to the pre-COVID-19 high growth by 2023.

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