Rwanda raises 10bn francs with 7-year Treasury bond

KIGALI: Rwanda sold a seven-year Treasury bond worth 10 billion francs ($11.85 million) on Thursday to fund infrastructure projects, the central bank said.

The National Bank of Rwanda said the bond had a final coupon and yield of 12.40 percent and a subscription rate of 178.14 percent.

The bond will be listed on the Rwandan bourse on Tuesday for secondary buyers.

Rwanda also issues bonds as part of a plan to develop its small capital market. The East African country aims to cut its dependence on aid to finance its budget, 17 percent of which currently comes from aid money.

Rwanda will next issue a 15-year bond on February 21, 2018, the bank said.