Newfoundland and Labrador turns to European markets to better finance its debt

Andrew Furey, Premier of Newfoundland and Labrador (File photo)

The Newfoundland and Labrador government is turning to European markets to better finance its debt.

The province has listed on the London Stock Exchange for up to €1bn worth of bonds, hoping to attract lower interest rates.

Premier Andrew Furey said with new energy projects on the horizon, the province is well positioned to attract European investors.

< p class="e-p">Officials have argued that with the launch of Newfoundland and Labrador's European Loan Program on Monday, Prince Edward Island is now the only province without a European Loan Program. #x27;similar loan.

Newfoundland and Labrador Minister of Finance, Siobhan Coady (File photo)

The decision means that Newfoundland and Labrador can now raise funds to cover its debts by issuing bonds traded on Canadian public markets and European, which can be purchased by institutional investors, including banks and pension funds.

Finance Minister Siobhan Coady said Newfoundland's debt -and Labrador was approximately 16 million rds$ and that the province had borrowed approximately $1.7 billion in the current fiscal year.