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PRESS RELEASE January 20, 2020

World Bank Launches Inaugural Bond in Rwandan Franc

Washington, DC, January 20, 2020 – The World Bank (International Bank for Reconstruction and Development, IBRD, rated Aaa/AAA) announced today the issuance of its first bond denominated in Rwandan franc (“RWF”). The sole lead manager is Citibank.  The bond will be listed on the London Stock Exchange.

With this transaction, the World Bank is contributing to the development of the country’s local capital market and providing an opportunity for international investors to purchase a World Bank bond while gaining exposure to the growing Rwandan economy through the currency.  This bond is the seventh sub-Saharan African currency that the World Bank has issued in or linked to. 

“The World Bank is pleased to support the development of the Rwandan capital market through this bond transaction by drawing international investor’s attention to the economic potential of Rwanda,” said World Bank Vice President and Treasurer Jingdong Hua.

“We appreciate the World Bank issuing its first bond in Rwandan franc and providing their support for our growing domestic capital market,” said John Rwangombwa, Central Bank Governor, Rwanda.  “Markets are key to achieving our long-term goals, as articulated in Rwanda’s Vision 2050 that captures our aspirations for a secure, prosperous and modern future.”

“This is an important transaction for Citi that supports the World Bank’s efforts to develop local capital markets in Africa. Capacity building in local capital markets is a critical component of international development finance.  This transaction highlights the potential to grow further demand from international investors in these markets,” said Will Weaver, Head of EMEA Debt Capital Markets & Syndicate.

“We are delighted to welcome the first Rwandan Franc bond to list on our markets, a strong signal of confidence in Rwanda’s economy. London Stock Exchange is uniquely placed to offer funding channels for local currency bonds, and we continue to support the development of African capital markets,” said Nikhil Rathi, CEO, London Stock Exchange Plc and Director of International Development, LSEG.

The RWF-denominated bonds offer investors an annual coupon of 9.25% and are payable in USD.  The bonds settle on January 24, 2020 and mature on January 20, 2023.


Transaction Summary:     


World Bank (International Bank for Reconstruction and Development, IBRD)

Issuer rating:



Rwandan Franc (“RWF”) 37,000,000,000

Settlement date:

January 24, 2020

Maturity date:

January 20, 2023     

Issue price:



9.25% p.a.


London Stock Exchange

Clearing system:


Lead manager:

Citibank N.A., NY



This press release is not an offer for sale of securities of the International Bank for Reconstruction and Development ("IBRD"), also known in the capital markets as "World Bank". Any offering of World Bank securities will take place solely on the basis of the relevant offering documentation including, but not limited to, the prospectus, term sheet and/or final terms, as applicable, prepared by the World Bank or on behalf of the World Bank, and is subject to restrictions under the laws of several countries. World Bank securities may not be offered or sold except in compliance with all such laws.

About the World Bank

The World Bank (International Bank for Reconstruction and Development, IBRD), rated Aaa/AAA (Moody’s/S&P), is an international organization created in 1944. It operates as a global development cooperative owned by 189 nations. It provides its members with financing, expertise and coordination services so they can achieve equitable and sustainable economic growth in their national economies and find effective solutions to pressing regional and global economic and environmental problems. The World Bank Group has two main goals: to end extreme poverty and promote shared prosperity. The World Bank (IBRD) seeks to achieve them primarily by providing loans, risk management products, and expertise on development-related disciplines to its borrowing member government clients in middle-income countries and other creditworthy countries, and by coordinating responses to regional and global challenges. The World Bank has been issuing bonds in the international capital markets for over 70 years to fund its sustainable development activities and achieve a positive impact. Information on bonds for investors is available on the World Bank Treasury website:


Heike Reichelt, Head of Investor Relations and New Products
The World Bank Treasury