The Newfoundland and Labrador government is looking to European markets to better finance its debt.
The province has been listed with the London Stock Exchange for up to 1 billion euros in bonds, in hopes of attracting lower interest rates.
Premier Andrew Furey says with new energy projects on the horizon, the province is in a good position to attract European investors.
Officials say that with the launch of Newfoundland and Labrador’s European borrowing program today, Prince Edward Island is now the only province without a similar borrowing program.
The move means Newfoundland and Labrador can now raise money to cover its debt by issuing publicly traded bonds to the Canadian and European markets, which can be bought by institutional investors including banks and pension funds.
Finance Minister Siobhan Coady says the province’s debt sits at about $16 billion, and it borrowed about $1.7 billion in the current fiscal year.
