SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 27 Sep, 2014  

IFC To Sell Rupee-linked Bonds Of $1 Billion

PR Newswire | 10 Oct, 2013
NEW DELHI: IFC, a member of the World Bank Group, has launched a $1 billion offshore bond program - the largest of its kind in the offshore rupee market-to strengthen India's capital markets and attract greater foreign investment in a time of renewed economic uncertainty across the world.

Under the program, IFC will issue rupee-linked bonds and use the proceeds to finance private sector investment in the country.

"Vibrant domestic capital markets ensure access to long-term, local-currency finance for the private sector-the key engine of job creation in emerging markets," said Jin-Yong Cai, IFC's CEO. "IFC's offshore bond program will help bring depth and diversity to the offshore rupee market and pave the way for an alternative source of funding for Indian companies."

India accounted for $4.5 billion of IFC's committed investment portfolio as of June 30, 2013 - more than any other country. In FY13, IFC invested $1.38 billion in India to achieve several strategic priorities such as promoting inclusive growth in India's low-income states, addressing climate change, and supporting global economic integration.

Arvind Mayaram, Secretary of Economic Affairs in India's Ministry of Finance, said: "We see IFC as an important development partner. It has been contributing significantly in financing private sector projects, including public-private partnerships, in several key developmental areas. With the launch of a rupee bond in the global markets, IFC is turning a new corner. This is a new initiative for the intermediation of international savings for development in India. It will also help deepen the capital markets in India and establish an Indian rupee benchmark in the global markets."

Over the years, IFC has issued bonds in 13 local currencies, including the Brazilian real, the Chinese renminbi, the Nigeria naira, and the Russia ruble. Often, IFC is the first international or corporate issuer of local-currency bonds in a market. When issuing local-currency bonds, IFC works closely with regulators and market participants to refine the regulatory framework, encouraging greater participation in the local markets and providing a model for other international issuers.

IFC has provided over $10 billion in local-currency financing across 58 currencies using a variety of financing tools-more than any other international finance institution.

About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world's most pressing development challenges. For more information, visit http://www.ifc.org

 Stay Connected

http://www.facebook.com/IFCwbg 

http://www.twitter.com/IFC_org 

http://www.youtube.com/IFCvideocasts

http://www.ifc.org/SocialMediaIndex

http://www.ifc.org/southasia 

http://www.facebook.com/IFCsouthasia 

http://www.twitter.com/IFC_SouthAsia

Primary Media Contact: Mohit Ravi, mohit@the-practice.net, 91-9845240963

 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter