Zambia gets boost from local IFC presence
Zambia is set to become the latest country to benefit from Washington supranationals’ diversification into local and offshore African currencies, after the International Finance Corporation became the first foreign issuer to be approved to place Zambian kwacha bonds on the domestic market. Meanwhile, the World Bank returned to the Ugandan shilling market.
Supranationals’ African currency transactions help develop local markets, senior figures at the IFC and World Bank told EuroWeek this week, as well as providing investors with enticing yields and currency diversification.
The IFC hopes that its local Zambian kwacha deals will improve activity in the country’s bond industry.
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