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Sri Lanka calls proposals for US$500mn dollar loan

COLOMBO (EconomyNext) – Sri Lanka has called proposals from investment banks for a floating or fixed rate loan of up to 500 million dollars, with a tenor of three years or more.

The External Resources Department of the Government of Sri Lanka said interest will be paid half yearly on the loan.

Investment banks should submit bids on multiples of 100 million US dollars for a maximum of 500 million dollars.

A bullet repayment or instalment payments could be requested.

The proposals should be sent before June 25.

Banks including Credit Suisse, BNP and Barclays have made unsolicited proposals to loan money, at rates around 3.25-3.75 percent, Finance Minister Ravi Karunanayke has said.