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Rwanda will sell a five-year Treasury bond worth 15 billion francs ($20.24 million) this month, the central bank said on its website.


The bank said the bond will have a market-determined fixed coupon and its proceeds will be used for infrastructure projects. It will receive bids between Feb. 22 and Feb 24.


Rwanda has been issuing bonds as part of a plan to develop its tiny capital market as well as fund infrastructure projects in the land-locked nation of 11 million people, which strives to reduce aid dependence to finance its national budget.