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Bolivia is weighing the sale of as much as $1 billion in so-called green bonds in New York this year, according to the country’s finance chief.
“This is tied to something very important for Europe and elsewhere, which is the rapid move toward clean energy use,” Montenegro said in an interview in La Paz Friday. “If I just blundered into the market thoughtlessly, and did a normal sale with the banks that help us I’d have to pay 18% or 19%, if I even managed to sell any bonds at all.”
A history of political and social unrest and a state-led approach to natural resources have also deterred private investors, as has the recent plunge in prices.index of emerging market dollar debt. Montenegro attributed the rally to a 10-point plan the government announced last month to address a dollar shortage and ease restrictions on exporters.
Bolivia narrowly prevented a financial crisis last year by passing a law to allow the central bank to sell about half of its gold reserves. The most recent foreign reserve figures published in December showed the bank has sold almost all the gold it was allowed to, and has also used up nearly all of its cash.
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