Sri Lanka looking to raise at least US$1bn from syndicated loan: Finance Minister

COLOMBO (EconomyNext) – Sri Lanka may raise up to a billion dollars from a syndicated loan from international banks for which proposals will be called shortly, Finance Minister Ravi Karunanayake said.

Banks including Credit Suisse, BNP and Barclays have made unsolicited proposals to loan money and the administration planned to advertise for a syndicated loan to all comers, Karunanayake told the Foreign Correspondents Association in Colombo.

Offers for 5-year funding had come in the range of 3.25 to 3.75 percent.

There was appetite to lend to Sri Lanka and Sri Lanka could go up to 2.0 billion dollars, Karunanayake said.

The administration wanted to raise money before international lending rates moved up, he said.

Sri Lanka last month raised 650 million dollars from a 10-year sovereign bond and also sold 338 million US dollars of one year floating rate bonds to the local market.


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