IFC gets nod to sell offshore Sri Lanka rupee bonds

ECONOMYNEXT – Washington-based International Finance Corporation, a unit of World Bank group, has been given the nod to issue Sri Lanka-denominated rupee bonds, Cabinet Spokesman Minister Gayantha Karunathilaka said.

The bonds will be sold in offshore markets and the proceeds will be used for lending in Sri Lanka, he told reporters.

The bond sales will take place after necessary approvals from Sri Lanka’s Central Bank.

The IFC has sold local currency denominated bonds of a number of emerging markets as part of an effort to develop bond markets of different currencies.

Sri Lanka government rupee bonds are already sold to foreign investors.

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