US$ 2 bn to be raised through int’l sovereign bonds | Daily News


Ongoing, future development projects

US$ 2 bn to be raised through int’l sovereign bonds

Cabinet nodded to raise US$ 2 billion through international sovereign bonds for the ongoing development projects, and a number of projects that are yet to commence in the country.

Finance and Media Minister Mangala Samaraweera said the government would implement infrastructure development projects in all parts of the country, utilising those funds.

Seven institutions, including the HSBC, have been appointed to manage the issuance, and the government would be represented by the Central Bank of Sri Lanka.

The government would have to pay US 59 billion as installments plus interests, this year, for the billions of loans obtained by the country in the past.

Minister Samaraweera said the government faces the challenge of repaying these loans while continuing the island-wide development activities.

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