Sénégal : Financial Times évoque 650 millions d'euros d'emprunts non divulgués
The Financial Times reported this on Monday. The British newspaper stated that Senegal borrowed hundreds of millions of dollars from international institutions without publicly disclosing it.
"Our country reportedly drew 650 million euros from development lender Africa Finance Corporation and First Abu Dhabi Bank last year, in loans that gave it privileges over existing bondholders," FT reports.
It reports that Senegal guaranteed these loans through newly issued national sovereign bonds, using derivative products called swaps.
"The IMF team is aware that Senegal has entered into several total return swap agreements with creditors. The terms of these swaps have not been disclosed," the fund stated, according to the Financial Times.
The Senegalese Ministry of Finance and its financial advisor, Global Sovereign Advisory, did not respond to requests for comment, according to the Financial Times. Seneweb is also trying to contact the Finance Department for its side of the story.
However, the Financial Times reports that the agreement reached last May between the country and the Nigerian company AFC enabled it to obtain up to 350 million euros in financing through swaps.
Senegal reportedly received an initial payment of 105 million euros in consideration of the transfer to AFC of ownership of CFA franc bonds worth the equivalent of 150 million euros, with interest payments of between 3.5 and 4% above a variable rate.
FT adds that in June, the country reportedly signed a new three-year swap agreement with First Abu Dhabi Bank, allowing it to borrow 300 million euros by giving the largest bank in the United Arab Emirates the equivalent of approximately 400 million euros in bonds.
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