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 31.10.2025
| Beneficiary | currency of issuance | circulating amount |
|---|---|---|
| African Development Fund (AfDF)** | EUR | 4.220.447,00 |
| Asian Development Bank (ADB)* | EUR | 0,00 |
| Asian Development Fund (ADF)** | EUR | 827.933,00 |
| Global Environment Fund (GEF)** | EUR | 642.600,00 |
| International Development Association (IDA)** | EUR | 71.426.500,00 |
| Multilateral Investment Guarantee Agency (MIGA)* | USD | 106.900,60 |
| Total : | 77.224.380,60 |
1 EUR = 1,1741 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 | 77.224.380,60 |
| 2026 | 33.210.247,00 | 33.203.294,00 | 77.231.333,60 |
| 2027 | 33.210.247,00 | 32.883.246,00 | 77.558.334,60 |
| 2028 | 31.689.247,00 | 32.489.482,00 | 78.758.099,60 |
| 2029 | 0,00 | 25.598.637,00 | 51.159.462,60 |
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