Promissory Notes
Promissory Notes issued by the State (central Government) do not correspond to funds borrowed and repayable thereafter. Promissory Notes document multi-year financial commitments made by the State vis-à-vis international financial institutions. These are non-negotiable, they do not bear interest and are generally cashed at the request of the financial institutions holding them and according to a predefined schedule.
Outstanding of Promissory Notes (in EUR), as of 31.08.2025
| Beneficiary | currency of issuance | circulating amount |
|---|---|---|
| African Development Fund (AfDF)** | EUR | 4.882.015,00 |
| Asian Development Bank (ADB)* | EUR | 0,00 |
| Asian Development Fund (ADF)** | EUR | 827.933,00 |
| Global Environment Fund (GEF)** | EUR | 749.700,00 |
| International Development Association (IDA)** | EUR | 76.627.250,00 |
| Multilateral Investment Guarantee Agency (MIGA)* | USD | 107.092,15 |
| Total : | 83.193.990,15 |
1 EUR = 1,172 USD
(*) Called in subscribed capital, not yet cashed in
(**) Resources’ replenishments (donations)
Evolution of the outstanding of Promissory Notes
from 2025 to 2029 (in EUR)
| year | scheduled issuances | scheduled collections | outstanding (as of 31.12) |
|---|---|---|---|
| 2025 | 32.031.933,00 | 34.713.180,00 | 77.224.572,15 |
| 2026 | 33.813.933,00 | 33.438.920,00 | 77.599.585,15 |
| 2027 | 33.813.933,00 | 32.847.091,00 | 78.566.427,15 |
| 2028 | 32.292.934,00 | 32.246.864,00 | 78.612.497,15 |
| 2029 | 0,00 | 25.571.672,00 | 53.040.825,15 |
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