Sri Lanka is to raise foreign currency loans up to US$500 million or more with a maturity term of at least one year to finance the budget, the Finance Ministry announced on Wednesday.
The Finance Ministry has called for proposals from banks and investment houses to raise the Foreign Currency Term Financing Facility (FTFF).
A fixed or floating rate based on the London Interbank Offered Rate will be paid half-yearly, the Ministry said in a public notice.
“The proceeds of the FTFF will be used for the purposes of financing the expenditure for the Fiscal Year 2021,” the notice read.
It added that banks or investment houses should submit proposals in multiples of 50 million US dollars, while repayments would be made either in lump or in tranches.
Banks or investment houses have been allowed to submit proposals on a standalone basis or collectively. (BS)
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