SENEGAL: Credit Rating for the Dakar Municipal Bond

Helping the City of Dakar prepare a credit rating for the bond to be issued by the city. By funding the bond rating, PPIAF-SNTA facilitated the issuance of the bond, provided improved credit risk information to West African private investors, and established bond rating as a best practice in the new municipal bond market in Abidjan. The 2014 PPIAF-SNTA funded activity was taking place at a relevant time for the City of Dakar as it prepares to issue municipal bonds and borrowed from the financial market to increase its investment capacities. This objective was aligned with Dakar's plans to issue its first municipal bonds in the relatively near future, with the support of the Gates Foundation. The issued bond was the first sub-sovereign bond in Sub-Saharan African francophone countries. The bond was aimed to be a West African Economic and Monetary Union (UEMOA) bond (20 billion FCFA in the UEMOA market).