By Agency Reporter

Tuesday, 7 Dec 2010

The Development Bank of Central African States is selling its first treasury bills this month, with a plan to raise 30 billion CFA francs ($60.6m) to fund projects in its six member nations.

The seven-year notes would be offered until December 29 at an interest rate of 5.5 per cent, the Director of Finance Department of the Economic and Monetary Union of Central Africa, Basile Tchakounte, said in a statement in Yaounde, Cameroon‘s capital, on Monday.

The notes would be listed on stock exchanges in Libreville, the capital of Gabon, and Douala, in Cameroon‘s main port city, Tchakounte said. The Brazzaville-based bank funds infrastructure projects including roads, energy generation and telecommunications, according to its website.

Reuters reports that the sale is open to residents of the bank‘s member countries, which include Cameroon, Central African Republic, Gabon, Equatorial Guinea, Republic of Congo and Chad.

Source: Punch