(Ecofin Agency) - Benin plans to mobilize FCFA150 billion via a public offering which is extends to the 31st March, 2017 and started yesterday. This was revealed by the government in an official statement. It states that the State will issue bonds at a unit price of CFA10,000. The bonds will mature over 10 years and have an interest rate of 6.5%.

“Those interested can subscribe to the bonds via management and intermediation firms of WAEMU’s financial regional market. Funds raised through the operation will be used to finance part of the investments projected under the national investment programme for 2017”. The money will be spent on various projects in sectors such as agriculture, tourism, transport and construction.

Benin’s government will also seek CFA1,002 billion on the regional capital market via public securities, in order to finance its 2017 budget which stands at CFA2,010 billion. The budget, it should be highlighted, fully aligns with the government’s action plan entitled “Revealing Benin”.

The 5-year programme which was launched last December should require CFA9,039 billion.