Rwanda will sell a seven-year treasury bond worth 10 billion francs ($11.72 million) this month to fund infrastructure projects, the central bank said on its website.

Bids for the bond, whose coupon will be determined by the market, will be received from Nov. 20 to Nov. 22.

The bank said the bond will be listed on the Rwandan stock market on Nov. 28 for secondary buyers.

Rwanda also issues bonds as part of a plan to develop its small capital market. The East African country aims to cut its dependence on aid to finance its budget, 17 percent of which currently comes from aid money. ($1 = 853.5500 Rwandan francs)

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