Côte d’Ivoire: Fundraising planned to help clear SIR debt


Issue 335 - 24 Nov 2016 | 1 minute read

The government is planning to raise FCFA360bn ($583m) before the end of the year to help clear debts to crude suppliers accumulated by Société Ivoirienne de Raffinage (SIR) since 2008. A restructuring plan was approved by cabinet in October 2016 to help the refinery tackle its financial problems. The government is considering the best option for securing funds, but is expected to opt for long-term bank debt, to be recovered at least partially via a levy on pump prices.

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