Category: Economy and Markets
Spreading Risks
Consumer durable giant Singer Sri Lanka said Wednesday it plans to raise long-term funds to retire high cost short-term debt.The firm said its Rs. 300 mn three-year debenture structured by First Capital Ltd will be unlisted and placed primarily among institutional investors.rn rnThe debt paper carries a fixed rate of 13.5 percent and a floating […]
Raising Dollars
The Central Bank will tap the Monetary Board next Tuesday to approve plans to raise US$ 350 mn in debt.A senior Central Bank official said Tuesday 12 international investment banks and international debt arrangers had earlier made some 40 proposals on how best to structure the issue. rn rnThe Central Bank has the option of […]
Mega Cities Outside Colombo
The National Physical Planning Department quote s first comprehensive development framework suggests that a massive new metropolis can be built, encompassing Anuradhapura, Polonnaruwa, Dambulla and Trincomalee.rn rnThe first draft of the policy proposal will be shortly forwarded to a high-powered inter-ministerial committee for review. rn rnThe plan is the result of a law passed unanimously […]
Peace Funds
The Asian development bank said that it was prepared to offer a technical assistance loan to the government to draw up a blue print for assistance to the war ravaged areas of the country.rn rnOther donors together with ADB on Friday submitted a comprehensive list of on going projects in the north and east to […]
Year Book
A report of summary findings of development work by the ADB, World Bank, United Nations Organisations and other NGO quote s in the Northeast is to reach the government Friday.rn rnThis will provide an update of what work has already been done to rehabilitate the area with firm pipeline plans of what the Bank is […]
Carbon Riches
rnThe World Bank recently launched a US$ 100mn Community Development Carbon Fund (CDCF) to take the benefits of carbon commerce down to the grassroots. rn rnThe Fund, launched last week, will provide carbon financing for small-scale projects in rural areas of all developing countries, the World Bank said in a release.rn rnRenewable energy, energy efficiency, […]
Going Fishing
The Asian Development Bank (ADB) Monday committed US$ 20 million for the project implemented through the Ministry of Fisheries and Ocean Resources and the National Aquaculture Development Authority.rn rnThe project aims improve food security and reduce poverty by developing model aquaculture and fish processing enterprises that would help increase inland fisheries and aquaculture production. rn […]
Mega Zones Coming
The Industries Ministry says that roads dedicated for factories and associated infrastructure like housing and recreation would be set up all over the island.rn rnThe first of these roads will be developed in line with a mega industrial exhibition in the Southern Province next year.rn rnldblquote They can have their swimming pools residential accommodation for […]
Dollar Hunt
Leading global investment banks have shown interest in raising 350 million dollars for the government in the international financial markets.The Central Bank, which requested for proposals form potential lead arrangers, said that nine parties had responded by Friday evening.rn rnThe proposals will go before an evaluation committee, which is expected to announce a shortlist within […]
Raising Dollars
Around ten parties answered Central Banks call to raise up to US$ 350 million in medium term funds in the overseas market.rnrnCentral Bank officials say they would start the fund raising exercise in October after referring the proposals to a leading local financial institution. rn rnThe issue will carry a minimum tenure of five years […]
Street Wise
The project, spearheaded by the Industries Ministry, has already begun in Nikaweratiya, with a 12-mile stretch being developed with Rs.150 mn in private sector funds.rn rnldblquote These will be dedicated industrial roads for future industrial development. The duty of investors will have their individual compounds developed in line with future needs, such as housing units […]
Over And Above
Sri Lankas largest private bank, Hatton National Bank (HNB), said its debenture was oversubscribed by a little over Rs. 1 bn when the issue opened Tuesday.“We saw a strong demand from our retail customers for the shorter maturities of five and seven years.But the demand for the longer end 10 years came from institutional investors,” […]