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Ethiopia Officially Denies News On Intention Of Issuing New International Bond In 2015

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Ethiopia has announced that it has denied the news on government’s plan to raise its Eurobond to USD 2 billion through a 10-year Eurobond by the end of 2015, The Daily Monitor reported.

The news was publicized on Reuters News Agency citing senior National Bank advisor Elias Loha as having said reported on October 21, 2015, that Ethiopia hopes to raise as much as USD 2 billion through a 10-year Eurobond later this year.

Elias was quoted having told Reuters on the sidelines of an investment conference “It will be very shortly, within a month or two”, adding “it would definitely take this year.”

Nonetheless, the statement the Ministry of Finance and Economic Cooperation of Ethiopia issued on October 22, 2015, states “Ethiopia formally denies recent news published by Reuters stating its intention to launch a new international bond issue for USD 2 billion by the end of the year.”

State Minister Ahmed Shide said “We do not know the details. We just know that it is misunderstanding … but we will continue to monitor developments in the international markets.”

The statement of the Ministry adds: “As expressed by the Minister during the meetings with investors held in September in UK and in the US, Ethiopia does not exclude the possibility of issuing new debt instruments in the coming years to finance its ambitious development plan.”

Since mid of September 2015, it has been reported that it is highly likely for Ethiopia to return to the international capital market again because there are big ongoing infrastructure projects.