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Investors unable to find the country on a map are keen to buy bonds with the promise of attractive yields.14 September 2017
Tajikistan has successfully raised $500 million in its first international bond sale despite – or because of – its anemic economy.
Keen demand for the bonds, designed to fund a major hydropower project, helped keep the yield low at last week’s sale, the Financial Times reported.
Investors were not put off by the bond prospectus that detailed the many risks involved, Bloomberg writes. The prospectus helpfully included a map to help investors locate the country, before laying out the potential pitfalls: lack of democracy, social instability, a banking crisis, and economic reliance on Russia – not to mention its location on “one of the highest-volume illegal drug trafficking routes in the world.”
The Rogun hydropower station is designed to generate 3,600 megawatts of power to help alleviate the country’s chronic electricity shortages. Work got under way last year, four decades after Soviet planners first mapped out the project.
Tajikistan is one of the poorest nations outside sub-Saharan Africa and is heavily dependent on remittances from workers in Russia, an income stream that has shrunk drastically in step with that country’s economic decline in recent years.
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The Moldovan Diaries is a multimedia, interactive examination of the country's ethnic, religious, social and political identities by Paolo Paterlini and Cesare De Giglio.
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