Monday, January 26, 2009

Good news for Ethiopia

From a posting on the AngelAfrica site:

Ethiopia announced perhaps the first sub-sovereign corporate bondaimed at the diaspora. A release by the Ethiopian Ministry of ForeignAffairs says that the bond launched on December 23rd will providefunds to the Ethiopian Electric Power Corporation (EEPCO) forinvestments which will increase power supply to the nation, where only27 percent of the people currently have access to electricity.The government-guarante ed bond will be issued for a minimumdenomination of US$500, maturing in 5, 7 or 10 years (with interestrates of 4%, 4.5% and 5% respectively) . The interest earned would befree of income tax. The news that companies in developing countriesare starting view migrants as a potential source of external (hardcurrency) finance is indeed noteworthy.

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