UBS Warburg and Deutsche Bank have been picked as joint managers to raise the balance dollar funds for the government.
The investment bankers have been asked to raise US$ 100 mn through a floating rate note, with an option to borrow a further US$ 50 mn, Treasury sources said.rn
rnTuesdays decision comes after the Treasury earlier selected Solomon Smith Barney, the investment-banking arm of the Citigroup to raise US$ 150 mn through a five-year syndicated loan backed by Nippon Export Investment Insurance Company of Japan.rn
rnProspective investment bankers have said they could raise the funds within a month of the mandate being given.rn
rnThe dollar raising exercise forms part of the governments long-term borrowing programme for 2002.
Deputy Finance Minister, Bandula Gunawardene earlier said some of these dollar funds would be go towards partially retiring some of the existing debts and also fund key infrastructure projects.rnrn