The Abidjan-based West African Stock Exchange (BRVM) on Friday started trading bonds totalling 84.2 billion CFA francs ($170.5 million) which were issued by Ivory Coast in June, bourse officials said.
The three-year, 6.5 percent Ivorian bond was issued to raise funds to clear some of the $327 million the West African state then owed to the World Bank in arrears, Prime Minister Charles Konan Banny said at the time. Holders of this debt were now able to trade these bonds on the West African exchange, the Bourse Regionale de Valeurs Mobilieres, the officials said.
The first trade of 50 bonds totalling 500,000 CFA ($1,013) took place on Friday morning, they added. The BRVM, which trades stocks and bonds on behalf of the eight member states of the West African Economic and Monetary Union (UEMOA), also announced on Friday that trading would start from December 28 of bonds issued by Togo in January and February.
The Togolese issue originally raised 36.3 billion CFA francs ($73.53 million) and was aimed at collecting funds to develop infrastructure and to invest in health, education and farming.
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