Friday, 14 September 2012

Zambia Acquires Usd 750 Million International Bond

Government Says It Intends To Allocate About 120 Million Dollars Towards The Revamping Of Railway Infrastructure.

Finance Minister Alexander Chikwanda Announced At A Press Briefing This Morning That This Will Be Done Using The Money Government Will Raise From The 500 Million Dollar Bond Which Plummeted To 750 Million Dollars After The Country Issued Its 10 Years Bond Issue. Zambia Yesterday Successfully Issued Its Inaugural 10 Years Bond Issue To The Tune Of 750 Million On Account Of The Exceedingly Large Order Book With A Total Subscription Of 11.9 Billion Dollars Surpassing The Intended 500million. This Is Not Only The Largest Order Book For Sub-Saharan Africa, This Year But Also 5.375 The Lowest Coupon Which Means The Most Favourable Price. The Route Taken By Government To Issue A First Sovereign Bond In The Amount Of 500 Million Dollars To The International Market Was An Alternative Source Of Financing To Secure Resources For Service Deliver Particularly For The Road And Energy Infrastructure Development. In Accordance With This Government Also Announced That It Plans To Allocate About 186million Dollars Bond To The Lower Kafue Gorge For The Operations And Upgrading Of The Power Station Which Will Be Completed In 2018. According To Finance Minister Alexander Chikwanda, The Successful Issuance Of The Bond Is An Ample And Irrefutable Testimony Of The Confidence The World Reposes In Zambia. Mr Chikwanda Says This Affirmation Of Faith By The International Community In Zambia Is Not Only On Account Of Government’s Management Of The Economy And A Credit For The Collective Wisdom Of Living Together In Harmony.
he says The Development Process Of Zambia Will Incline the country Ever More To Seek Recourse To The International Markets.

he says All the country'sOur Borrowings Will Be Spent On Growth Promoting Projects And The Social Sectors Of Health And Education.

"When We Release The Details Of The Funding You Will Notice A Predominance Of Outlays To The Power Sector, For Instance $186 Million Will Be Allocated To Government’s Equity Into The Kafue Gorge Lower Hydro Power Scheme" said the minister.

No comments:

Post a Comment