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Ivory Coast Stays With Debt Plan as Buyers With No Cash Balk

Ivory Coast is sticking to targets on the amount of local-currency bonds the government will offer this year even as domestic investors run out of the funds to buy more debt.

Four out of the five auctions of three to seven-year securities in 2014 have raised less than the Public Treasury budgeted, while the world’s largest cocoa producer also fell short at a regional offering through the West African stock exchange this month. The country plans to sell 810 billion CFA francs ($1.6 billion) of notes this year to fund infrastructure projects, including highways, railroads, bridges and the expansion of the main ports.