(Ecofin Agency) - The government of Niger has cashed CFA110 billion (about $180 million) on the WAEMU securities market, in the first issue of covid-19 social bonds. The initial target was CFA100 billion in the form of treasury bills maturing in 91 days.

The operation generated a total of CFA416.7 billion, but Niger’s Public Treasury will only retain CFA110 billion at a multiple interest rate lower or equal to 3.75%. A financial resource that will enable the country to cover the cash flow gaps created by the fight against the coronavirus and its consequences.

The securities issued are redeemable on the first business day following the maturity date set on 11 August 2020. Interest is payable in advance and deducted from the par value of the bonds.