Zambia’s IDC to issue $500 mln bond

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Zambia’s Industrial Development Corporation (IDC) plans to issue a $500 million private bond to invest in the energy sector and other infrastructure, the president’s spokesman said on Monday.

Zambia’s government in August transferred all shares in state-owned companies to IDC, which was incorporated in 2014 as a private entity under the Companies Act, Amos Chanda said.

“After all the shares were moved to IDC, it will in the coming weeks go to international markets to borrow as a private entity without government guarantees,” Chanda told Reuters.

Chanda said that as a private entity, there was less risk associated with the IDC than with state-owned companies.

REUTERS

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