The EIB said in a statement it sold a N$250 million bond due March 2011, priced at par with a coupon of 7,9 per cent via WestLB.

The bond is synthetic, with settlements and payments in euros, it said.

"This issue is a significant contribution to EIB's strong developmental track record in Africa," said David Clark, head of funding for Europe (ex-euro) and Africa at the EIB.

"This builds on our strong position in South African rand as well as our latest initiatives in other African markets - in Botswana pula and Egyptian pounds."

The EIB, the European Union's long-term financing institution, has signed loans for over 120 million euros for projects in Namibia, covering a wide range of sectors, notably power and water infrastructure.

The EIB is rated triple-A by Moody's Investors Service, Standard & Poor's and Fitch Ratings.

- Nampa-Reuters

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