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 will facilitate the issuance of the bond, provide improved credit risk information to West African private investors, and establish bond rating as a best practice in the new municipal bond market in Abidjan. The 2014 PPIAF-SNTA funded activity is taking place at a relevant time for the City of Dakar as it prepares to issue municipal bonds and borrow from the financial market to increase its investment capacities. This objective is 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 will be the first sub-sovereign bond in Sub-Saharan African francophone countries. The bond is aimed to be a West African Economic and Monetary Union (UEMOA) bond (20 billion FCFA in the UEMOA market

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