Morocco’s Attijariwafa Bank buys back $290 million of Gabon’s external debt

Attijariwafa Bank has conducted an early buyback of $290 million of Gabon’s external debt, in a transaction that will ease the debt burden in the country and foster its financial stability.

The operation represents 50% of Gabon’s Eurobond. It was made by l’Union Gabonaise de Banque (UGB), the local subsidiary of Attijariwafa Bank.

The operation was secured through bond issuances on the sub-regional market.

Thanks to this innovative approach, a portion of the external debt denominated in dollars was converted into domestic debt in CFA francs, thereby strengthening Gabon’s financial stability.