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Government to issue infrastructure and diaspora bonds

05 November 2013, 15:30

Lagos - The Federal Government on Monday resolved to issue two bonds to boost infrastructural development in the country.

Central Bank of Nigeria Governor, Malam Lamido Sanusi made this known in Lagos at an event organized by the West African Institute for Financial and Economic Management.

The two bonds according to National Mirror are the infrastructure bond and the diaspora bond.

Sanusi said the use of long term sovereign infrastructure bonds has been successful in raising capital for large scale infrastructure projects.

He noted that Kenya pioneered the use of infrastructure bond in Africa when it adopted the Local Currency Infrastructure Bonds in 2009.

Since February 2009, Kenya, according to the CBN governor has successfully issued three infrastructure bonds with a total value of $1 billion which paved the way for corporate bonds issues by private or state owned companies, including the electricity utility, KenGen, and Mobile phone company, Safaricom.

Sanusi added that Diaspora bonds  have been effectively used in countries like Israel for the purpose of infrastructure development.


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