BY NDUMBE BELL JOSEPH GASTON IN DOUALA
The Republic of Chad is the latest among a good number of countries and corporate entities to have raised bonds at the Central African Stock Exchange (BVMAC) to the tune of FCFA 100 billion to nourish capital investments at this transitional period of the nation’s history and economy.
The ceremony held at the headquarter precincts Friday March 24, of the stock exchange where the rate of the money raised was pegged at “EOTD 6.50% net 2022-2027” which means the loan will be reimbursed annually during a five year period as indicated.
Mme Chief Executive Officer (CEO) of BVMAC Mbanga Ntolo who is mandated to be spokesperson in absence of the Board Chair Henri-Claude Oyima, expressed his excitement at the coming of the guests for their participation during the issuance saying that the creation of a regional financial market to service the development of the states and the private sectors is being recognised by the highest authorities in Cameroon among them the Governor of the Littoral Region Samuel Ivaha Diboua and the presence of financial institutions such as players of the insurance sector(such as Zenithe Insurance) and others. He thanked the consortium of arrangers for their professionalism with which they conducted this operation in the full month of December 2022.
Director of BVMAC (R) by the Governor among others.
Mbanga Ntolo said “Our stock market will grow from 11 to 12 listed bond totalling an overall outstanding of listed claims of value FCFA 1.256 billion, an increase of around 8.6% in 48 hours. The financing of the economy in all compartments combined gives up in 48 hours from 2.03% of regional GDP to 2.32% (1256.3 + 65.2 / 56909 billion CFA at the end of this Friday’s trading day of March 24”. The operation was concretely conducted from December 12 and 20 of 2022.
The money raised will be injected into three major projects in the Republic of Chad’ such as the canalisation of 38 kilometers of drainage systems in the capital Ndjamena to evacuate rain water and seawage costing FCFA 15 billion; road infrastructures such as the tarring of 75 kilometers of urban roads costing FCFA 45 billion and, the installation of solar energy and the payment of enterprises engaged in these projects costing FCFA 40 billion.
Reacting, the D.G. of Treasury and Public Accounting representing the Minister of Budget, Finance and Public Accounts in Chad, Becher Daye, expressed gratitude to a cocktail of government, community and private sector leaders who participated. He acknowledged the legendary solidarity that Cameroon has always expressed at their time of need. He thanked all the arrangers for their professionalism.
“In a difficult economic context marked by the harmful effects of the covid-19 pandemic and the outbreak of the Russian–Ukraine conflict the State of Chad has decided to mobilise funds to the tune of FCFA 100 billion on the financial market through the bonds loan called “EOTD 6.50ù NET 2022-2027” He then expressed his heartfelt thanks to all the subscribers who have placed their trust in the State of Chad. He counted on the invaluable support in the future when the need arises.