Sri Lanka to wrap up US$500mn syndicated loan next week: Finance Minister

ECONOMYNEXT – Sri Lanka is expecting to wrap a 500 million US dollar loan over the next few days after legal agreements are cleared, Finance Minister Ravi Karunanayake said.

He said the interest rate would be about 3.5 percent.

Citi, Emirates NBD, HSBC and Mashreq Bank were syndicating a three year loan that would be repaid by instalments.

Credit Suisse had also joined the syndication to bring the total up to 500 million dollars, he told a Sri Lanka’s Foreign Correspondents’ Association in Colombo.

Sri Lanka is expected to get formal approval from the Board of the International Monetary Fund in early June for a 1.5 billion US dollar balance of payments and economic reform loan.

Officials had earlier said that they would go to international markets with a sovereign bond armed with the IMF deal.

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