Washington based Centennial Group has been handpicked as fund managers for the new Infrastructure and Corporate Restructuring Fund that is to take off by April this year.
The proposed fund will provide long term equity capital for select infrastructure projects, with a limited amount of financing to restructure viable corporations.rn
rnMooted under the 2002 budget, the fund is expected to have an initial size of US$ 150 mn, with about two-thirds of this from external sources.rn
rnldblquote We expect a soft close of US$ 70 mn in the first phase by end March
dblquote , Deputy Director General of the Bureau of Infrastructure Investment (BII), Nirgunan Tiruchelvam told Lanka Business Onlinern
rnThe additional funds would then be raised within a year to reach the target size of US$ 150 mn, and will help finance projects with a total cost of between US$ 1 endash 2 bn.rn
rnA tentative estimate of US$ 25 endash US$ 50 mn will be routed toward corporate restructuring in the first three to four years.r