Cameroon raises 550 million USD from international bond sale

Yaounde: Cameroon has raised 550 million US dollars from its international bond sale, Finance Minister Louis Paul Motaze has said.

The bonds were issued "on favourable terms" during a three-day operation that ended Wednesday in London, the minister said.

"The funds thus mobilized will make it possible to significantly continue the clearance of domestic debt in order to stimulate the activities of SMEs, consolidate the growth of the economy, strengthen the confidence of the private sector in the state and improve the business climate," Motaze said in a statement Wednesday, Xinhua news agency reported.

The bonds were a vote of confidence in the credibility of Cameroon and its ability to attract investors to fund its national development strategy, he said.