Economic Affairs Ministry calls for bids to obtain’financing facility’

Economic Affairs Ministry calls for bids to obtain’financing facility’

Written by Staff Writer

29 Dec, 2016 | 9:07 pm

The Ministry of National Policies and Economic Affairs has called for bids to obtain a Foreign Currency Term Financing Facility of one billion US Dollars.

A communique issued by the ministry of national policies and economic affairs says that the loan will be used for the purposes of meeting corresponding import elements of development projects specified in the budget for the Fiscal Year 2017.

The cabinet has granted the approval to obtain loans between 300 million USD to 1000 million USD for the development projects that needs to be carried out next year.

The Department of External Resources that comes under the Ministry of National Policies and Economic Affairs says that “Domestic Banks incorporated in Sri Lanka, International Banks and Investment Houses can provide proposals for the loan”.

The maturity period has been marked as three years or more and the interest rate could be fixed or a floating rate linked to the London Interbank Offered Rate (LIBOR)

The letter further says that the Government of Sri Lanka reserves the right to reject any or all the proposals without assigning any reason thereto and that the Government of Sri lanka reserves the right to negotiate the terms of proposals with the relevant banks and Investment Houses.

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