Allana Potash Announces the Success of Inaugural Ethiopian Eurobond Issue

Allana Potash Corp. (TSX:AAA) announced that it is encouraged by the success of a US$1-billion Eurobond issue (10 year) recently launched by the Ethiopian Ministry of Finance.

As quoted in the press release:

This marks a first for Ethiopia in the Eurobond market and strong demand for the issue means the country will likely be able to tap these markets going forward to meet some of the financing needs of its fast growing economy. The proceeds of the offering will be used for key infrastructure projects in the country including its national railway, hydro-electric power projects and industrial expansion of key agricultural products and services.

Farhad Abasov, president and CEO of Allana, commented:

The recent successful, over-subscribed Eurobond sovereign debt offering by the Government of Ethiopia is applauded by Allana Potash. This is a testament to the growing economic and cultural stature of Ethiopia within Africa and the rest of the world. Ethiopia has made great strides over the past decade to improve its economic and social standing in the world, while improving the quality of life for all its citizens.

Click here for Allana Potash Corp. (TSX:AAA) press release