Congo Republic Offers $182 Million of Bonds to Help Repay Debt

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The Republic of Congo offered 100 billion CFA francs ($182 million) of five-year domestic bonds to help repay debt and fund development projects, Finance Minister Calixte Nganongo said.

The sale of the securities forms part of a plan to revive growth in the central African nation, after a six-year economic contraction, Nganongo said in a phone interview Tuesday from Brazzaville, the capital. The economy is forecast to expand this year for the first time since 2015, according to the International Monetary Fund.

The bonds, which have a 6.25% coupon, will help fund the building of new infrastructure including roads and schools, he said.

“The offering aims to finance the projects which are intended to contribute to economic and social development in the country, as well as the partial payment of domestic debt,” Nganongo said.

The notes will be on sale until March 20, according to a statement emailed by the Congolese government. AXE Capital Corp., a Saint Lucia-based entity, is advising the government on the offering, it said.

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