The International Finance Corporation (IFC) has listed the first offshore Tanzanian shilling bond on the London Stock Exchange (LSE), raising TZS 265.2 bn (USD 100m equivalent) in the largest shilling-denominated issue ever placed in international capital markets. Proceeds fund a local currency facility for NMB Bank, Tanzania’s second-largest, with 20% ring-fenced for women-owned MSMEs and an estimated 13,000 to 20,000 jobs expected to be supported.
The proceeds fund a local currency financing facility equivalent to USD 100m for NMB Bank, which will on-lend to micro, small and medium-sized enterprises across Tanzania, giving international investors direct shilling exposure without a sovereign issuance. Of the total, 20%, equivalent to roughly TZS 52.5bn, is earmarked for women-owned MSMEs, and World Bank Vice President and Treasurer Jorge Familiar estimated the financing will support between 13,000 and 20,000 jobs.
Read more at: https://www.tanzaniainvest.com/finance/capitalmarkets/offshore-shilling-bond-lists-london-stock-exchange
