Gabon to Borrow €1.3 Billion on Financial Markets

Soukaina Sghir
Soukaina Sghir
2 Min Read
Gabon

The Gabonese Treasury will borrow the sum of 854 billion CFA francs (€1.3 billion) from the financial markets of Central Africa. The borrowed money will be used to finance major infrastructure projects and social initiatives. On Monday, March 25, the Ministry of Budget presented the strategy to banks and other subscribers for raising these funds.

Surrounded by the Director General of Debt and the Director of the Treasury, the Minister of Budget and Public Accounts explained to business leaders the necessity of this fund-raising effort. Charles M’Ba assured that the funds collected would be allocated to finance the planned projects outlined in the National Development Plan for Transition. “Investment, infrastructure, roads, ports, markets, schools, etc. The second aspect involves expenditure, support for social solidarity, expenses aimed at improving the daily living conditions of Gabonese citizens,” he said.

The minister acknowledges that these loans will further burden the country’s debt: “The real question is: ‘What do we do with the debt?’ 854 billion, that’s what we are seeking, but we could get more. However, I can guarantee you that with the CTRI and our government, this indebtedness will be used to fulfill what the president of the Republic has announced.”

Following the meetings in Libreville, Gabon will dispatch delegations to Douala in Cameroon and Brazzaville in Congo to mobilize subscribers until the end of the year.

Weafrica24

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