mchambawima1
JF-Expert Member
- Oct 16, 2014
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The International Finance Corporation (IFC), a member of the World Bank Group, successfully concluded the first offshore Rwandan Franc bond that was named "Twigire"
‘Twigire' lossely means ‘lets partner for development but be responsible for our sustainability'
"This bond issue demonstrates the powerful role that capital markets can play in linking international savings to investment needed for development. International investors are eager to participate in the African growth story, and Rwanda is emerging as a leader in tapping the interest of these investors," Jingdong Hua, IFC Vice President and treasurer said.
"Am very happy this follows Euroclear announcement of the Rwandan currency becoming a Euro clearable currency, therefore paving the way for the Rwanda Franc to become an offshore investment currency," Hua said.
Hua said this again follow IFC's work in Rwanda in terms of source of local currency to support private sector entrepreneurs.
"We now have three sources of local currency financing such as the swap line with the National Bank of Rwanda which has been available since 2009, the Umuganda bond issued last year in May, plus the Twigire bond now which gives us a manual of local currency possibilities," he said.
"With this new bond we are trying to link international investors to domestic investment supporting private sector denominated in local currency," Hua said.
"This demonstrates a string signal that we are continuously trying to find different way of connection international savings to domestic private sector development," he said.
The main aim of this bond placement is to increase foreign investment in Rwanda and mobilizing international capital markets encourage further foreign investment in Rwanda.
"Rwanda's economic development path undeniably requires more private capital flows. A vibrant capital market is a required condition for sustainable development. IFC is playing a leading role in continuously providing groundbreaking transactions for developing countries and by bringing new products and new investors to our playing fields," Rwanda's Minister of Finance and Economic Planning Amb. Claver Gatete said.
The bonds will be listed in Luxembourg with Joint lead arrangers such as Citibank N.A. and Standard Bank of South Africa.
"The bond denominated Rwandan Franc issued on international market by IFC is a clear sign of IFC's support to the development of our market. This is really introducing international investors to the Rwanda franc," Governor Central Bank of Rwanda John Rwangombwa (below) said.
This bond issuance is a 3-year maturity, with a 9% yield, and it will be worth Rwf3.5 billion bond (equivalent to $5 million).
http://goo.gl/l2tjlt
‘Twigire' lossely means ‘lets partner for development but be responsible for our sustainability'
"This bond issue demonstrates the powerful role that capital markets can play in linking international savings to investment needed for development. International investors are eager to participate in the African growth story, and Rwanda is emerging as a leader in tapping the interest of these investors," Jingdong Hua, IFC Vice President and treasurer said.
"Am very happy this follows Euroclear announcement of the Rwandan currency becoming a Euro clearable currency, therefore paving the way for the Rwanda Franc to become an offshore investment currency," Hua said.
Hua said this again follow IFC's work in Rwanda in terms of source of local currency to support private sector entrepreneurs.
"We now have three sources of local currency financing such as the swap line with the National Bank of Rwanda which has been available since 2009, the Umuganda bond issued last year in May, plus the Twigire bond now which gives us a manual of local currency possibilities," he said.
"With this new bond we are trying to link international investors to domestic investment supporting private sector denominated in local currency," Hua said.
"This demonstrates a string signal that we are continuously trying to find different way of connection international savings to domestic private sector development," he said.
The main aim of this bond placement is to increase foreign investment in Rwanda and mobilizing international capital markets encourage further foreign investment in Rwanda.
"Rwanda's economic development path undeniably requires more private capital flows. A vibrant capital market is a required condition for sustainable development. IFC is playing a leading role in continuously providing groundbreaking transactions for developing countries and by bringing new products and new investors to our playing fields," Rwanda's Minister of Finance and Economic Planning Amb. Claver Gatete said.
The bonds will be listed in Luxembourg with Joint lead arrangers such as Citibank N.A. and Standard Bank of South Africa.
"The bond denominated Rwandan Franc issued on international market by IFC is a clear sign of IFC's support to the development of our market. This is really introducing international investors to the Rwanda franc," Governor Central Bank of Rwanda John Rwangombwa (below) said.
This bond issuance is a 3-year maturity, with a 9% yield, and it will be worth Rwf3.5 billion bond (equivalent to $5 million).
http://goo.gl/l2tjlt
