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Tuesday May 11th, 2021
Economy

Sri Lanka to get India Exim Bank ‘Green Bond’ funding

COLOMBO (EconomyNext) – India’s Export-Import (Exim) Bank has raised 500 million US dollars in a five-year ‘Green Bond’ whose proceed will partly be available to fund ‘green’ projects in Sri Lanka.

The bond was priced at 147.50 basis points over US Treasuries at a fixed annual coupon of 2.75 percent, the Indian export finance institution said in a statement.

"Exim will use the net proceeds from the sale of the notes to fund eligible ‘Green Projects’ in countries including Bangladesh and Sri Lanka."

The issue attracted over 1.6 billion dollars with significant participation from green investors, the statement said.

The offering saw majority (58 percent) participation from fund managers, while banks (20 percent), sovereign wealth funds and insurance companies (18 percent) were the other major investor classes.

"Exim Bank has successfully expanded its investor base to include a new class of socially responsible investors,” said David Rasquinha, Deputy Managing Director of Exim Bank.

 “We are pleased to see the robust demand for our transaction despite recent market volatility."

 

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