Washington, D.C., August 21, 2013—IFC,
a member of the World Bank Group, has obtained consent from the Securities
and Exchange Commission—Ghana and the Ghana Stock Exchange to regularly
issue cedi-denominated bonds. The consent enables IFC to issue cedi bonds
when market opportunities align with funding needs, supporting local capital
markets while increasing access to local-currency finance for the private
The bonds will be issued under the IFC Pan-African
Domestic Medium-Term Note Programme, launched in May 2012 to facilitate
regular bond issuances by IFC in the region. The program currently includes
Botswana, Ghana, Kenya, Namibia, Rwanda, South Africa, Uganda, and Zambia.
“Supporting domestic capital market development
is a priority for IFC because such markets efficiently intermediate funds
in an economy,” said IFC VP and Treasurer Jingdong Hua. “The consent
from the Ghanaian authorities enables us to support the deepening of the
local capital markets and offer local-currency funding for priority sectors
such as infrastructure.”
IC Securities is appointed as the Licensed
Dealer Member for bonds issued under the IFC program in Ghana.
IFC has issued local-currency bonds in emerging
markets around the world, including Brazil, China, Nigeria and Russia.
Often, IFC is the first international or corporate issuer of local-currency
bonds in a market. When issuing local-currency bonds, IFC works closely
with regulators and market participants to refine the regulatory framework,
encouraging greater participation in the local markets and providing a
model for other international issuers.
IFC local-currency bonds are rated triple-A
by Moody’s Investors Service and Standard & Poor’s and sold in their
respective markets to domestic and foreign institutional investors. Proceeds
from local-currency bonds fund IFC projects that support private sector
development in key areas such as infrastructure and access to finance for
small and medium enterprises.
IFC has provided over $10 billion in local-currency
financing across 58 currencies using a variety of financing tools—more
than any other international finance institution.
IFC, a member of the World Bank Group, is
the largest global development institution focused exclusively on the private
sector. Working with private enterprises in more than 100 countries, we
use our capital, expertise, and influence to help eliminate extreme poverty
and promote shared prosperity. In FY13, our investments climbed to an all-time
high of nearly $25 billion, leveraging the power of the private sector
to create jobs and tackle the world’s most pressing development challenges.
For more information, visit www.ifc.org