The International Finance Corporation (IFC), the private sector arm of the World Bank, has issued its first local currency bond offering in sub-Saharan Africa. The XOF22 billion ($44.6million), five-year bond was placed in the eight West African Economic and Monetary Union member nations. IFC vice-president Nina Shapiro said: “IFC expects to follow this bond issue with structured products developed in partnership with local financial institutions.” BNP Paribas is leading the issue.