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Central African Development Bank Sells First T-Bills

Dec. 6 (Bloomberg) -- The Development Bank of Central African States is selling its first treasury bills this month, with a plan to raise 30 billion CFA francs ($60.6 million) to fund projects in its six member nations.

The seven-year notes will be offered until Dec. 29 at an interest rate of 5.5 percent, said Basile Tchakounte, director of the finance department of the Economic and Monetary Union of Central Africa, in a statement handed to reporters in Yaounde, Cameroon’s capital, today.

The notes will 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.

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.

To contact the reporter on this story Pius Lukong in Yaounde via Accra at ebowers1@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.

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