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Successful Tajikistan bond debut could encourage neighbors

Central Asian state raises $500 million for controversial dam

ALMATY -- Tajikistan has raised $500 million with its first international bond issue to help fund the construction of the world's tallest dam after years of failed attempts to attract foreign investment for the project.

The move by Central Asia's most impoverished country could encourage neighboring countries into the debt markets, but remittance-dependent Tajikistan may struggle to keep up payments, with no guaranty the hydropower project will be completed and start bringing in revenue from electricity exports.

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