Official Nod

A top Central Bank official said that cabinet has already approved the issue as part of the government
quote s borrowing programme for 2002.

rnThe exact structure, interest rate and tenure of the proposed debt issue have not been finalized. Officials say the funds could either come through a syndicated loan, a medium term note or a sovereign bond issue.

rnThe Central Bank has however, is keen to raise medium to long-term funds.

rnGlobal financial players like Solomon Smith Barney, JP Morgan, HSBC and Standard Chartered Bank have already presented their proposals to the Central Bank. rn