Bloomberg News

Ivory Coast Plans Eurobond ‘Reimbursement Proposal’

July 06, 2012

(Corrects spelling of Finance Ministry official in third paragraph.)

Ivory Coast is planning to make a “reimbursement proposal” in September to holders of its Eurobonds regarding further coupon payments, Minister of Finance Charles Koffi Diby said.

An assessment of the country’s payment capacity “will be performed by an IMF mission scheduled in September 2012 to review Cote d’Ivoire’s economic and financial program,” Diby said in a letter to holders of the bonds dated July 5, an e- mailed copy of which was obtained from Standard Bank Plc.

Charles Boa, head of communications at the Finance Ministry, declined to comment.

The world’s biggest cocoa producer said on June 15 it resumed coupon payments on the $2.3 billion defaulted Eurobonds due 2032 after missing three payments in 2010 and 2011 because of political upheaval. It transferred $45 million on June 14 to meet scheduled coupon payments due on June 29.

To contact the reporter on this story: Olivier Monnier in Abidjan at omonnier@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


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