Senegal Raises $750M Through Debt Financing

Senegal has raised $750 million in debt financing through bond sales, issued in two allotments at a coupon rate of 7.75% and set to mature in 2031.

The funds are expected to bolster Senegal’s financial reserves and help maintain fiscal stability, and reflect growing investor confidence in the country and wider West African region.

Earlier this year, Ivory Coast raised $2.6 billion through a Eurobond sale, followed by Benin and Kenya, which raised $750 million and $1.5 billion, respectively.

Senegal is projected to achieve rapid economic growth in 2024, potentially reaching 8.3% – the highest since its independence – fueled by first gas production from the Greater Tortue Ahmeyim LNG project,  as well as first oil production from the Sangomar Field Development.