Cameroon to Issue Eurobond as Part of $1.7 Billion Borrowing

Cameroon is planning to issue a fresh eurobond as it prepares to raise 930 billion CFA francs ($1.7 billion) on the regional and the international capital markets.

The proceeds will be used for development projects and the payment of debt arrears, President Paul Biya said in a decree on Tuesday. As much as 330 billion CFA francs will be raised from external sources, including a eurobond sale, Sylvester Moh Tangongho, director-general of the Treasury, said in emailed response to questions.