Government plans to list first bond since 2001

Zimbabwe plans to list a bond on the local exchange for the first time in 20 years to raise funds for the expansion and upgrade of a main highway that links the country to SA, its largest trading partner. The $250m listing by the Infrastructure Development Bank of Zimbabwe will be the first note issuance on the Zimbabwe Stock Exchange since 2001, when municipal bonds with a government guarantee were listed. A report on the Fin24 site notes that the bourse’s CEO Justin Bgoni said a listing date has not yet been confirmed. ‘Listing of government bonds is key for the development of a strong capital market. Government normally sets the pricing in the market,’ he said. The 580km road that links the capital, Harare, to Beitbridge, one of Africa’s busiest border crossings that straddles the two countries, is currently too narrow to deal with the vast amount of traffic.