GABON: Coup Leaders To Use Ali Bongo’s $500m Deal Secured From American Bank To Fix Country

Brigadier General Brice Clotaire Oligui Nguema, the president of Gabon’s junta known as the Committee for the Transition and Restoration of Institutions (CTRI), met with financial officials of the government on Friday to discuss ways to revive the country’s economy….CONTINUE READING....CONTINUE READING

The meeting was held in the wake of the recent ousting of President Ali Bongo.

Bongo was accused of corruption and mismanagement, and the junta has promised to improve the country’s economy and governance.

At the meeting, the government officials briefed the junta on the country’s financial situation.

They said that the economy was in a difficult state, but that there are some positive signs.

The country, under Ali Bongo, had secured a $500 million debt-for-nature swap deal with Bank of America and The Nature Conservancy.

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The deal saw Gabon issue a $500 million blue bond to fund a debt conversion which unlocked more than $160 million of funding for ocean conservation projects in the country.

Bloomberg report that “Gabon bought back $500 million worth of three dollar denominated bonds for $436 million and those bonds – equivalent to about 4% of Gabon’s debt – were exchanged for a new longer-term $500 million loan that was funded, in turn, by an equivalent amount of new so-called blue bonds.”

The country’s officials also said that they are working on a plan to improve the country’s investment climate. They believe that this is essential to attracting foreign investment and stimulating economic growth.

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They also agreed to make input in preparation of the 2024 finance law.

The junta said that it is committed to reviving the economy and improving the lives of the Gabonese people.

They promised to focus on investment, job creation, and transparency.

After the meeting, the stakeholders agreed ” to propose and develop possible solutions to revive the national economy, define mechanisms aimed at mobilizing state resources in the perspective of the 2024 finance bill, support the populations in terms of investments and other services….CONTINUE READING