ADB plans $300-400 mn bond issue in India
Asian Development Bank is likely to raise 300-400 million dollar through a bond issue in India in next few months.india Updated: Mar 10, 2006 14:18 IST
Manila-based Asian Development Bank is likely to raise $300-400 million through a bond issue in India in next few months.
"We are planning a bond issue of $300-400 million in India in the next few months," a senior Bank official said on the sidelines of a ADB press conference.
He said the multilateral agency is planning more bond issues in the coming years.
ADB is likely to lend India, the fourth largest shareholder in ADB, about $2.25 billion in 2005-06, $2.45 billion in 2006-07 and $2.65 billion in 2007-08. ADB had lent about $1.2 billion in 2004-05.
Majority part of the ADB lending in India is for the crucial infrastructure sector with focus being on three core areas transport, urban and energy infrastructure.
ADB which is at present giving lending and technical assistance in foreign currency, is exploring possibilities of extending rupee loan to borrowers in consultation with government of India.
Considering India's high growth pospects and greater funding requirement, ADB is tapping the domestic bond market to step up lending to the country.
ADB had earlier came out with a bond issue in India in 2004.
First Published: Mar 10, 2006 14:18 IST