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Dar; Tanzania: Tanzania plans to make its first foray into the global bond market in 2015/16 after years of delay in securing a credit rating, Finance Minister Saada Salum said on Thursday.
Salum said the East African country would issue a long-awaited Eurobond, without giving details on its value. Government officials have said in the past they want to raise up to $1 billion (Sh89 billion).
Tanzania will join a borrowing spree by African governments searching for new ways to pay for roads, power stations and other infrastructure as foreign aid falls. Analysts have warned of the risks of rising debt levels.
“We expect to issue the Eurobond in the 2015/16 financial year. We plan to complete the whole thing of procuring floating agencies and getting a credit rating by March-April next year,” Salum told Reuters.
“The process has been delayed in the past because this is a new thing for us and we want to proceed with caution. The amount of the Eurobond will be determined by the assessment of the credit raters,” she added.
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