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ADB to raise fresh debt from domestic market

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Our Economy Bureau New Delhi
Last Updated : Feb 06 2013 | 6:37 PM IST
The Asian Develoment Bank is expecting to raise another tranche of debt from the domestic market, according to Country Director of the Bank, Louis De Jonghe.
 
The amount of the issue, as well as its exact timing are yet to be decided, Jonghe told reporters today after the release of the Bank's Asian Development Outlook.
 
He said the move to raise a fresh loan was based on the success of the initial $100 million debt that the Manila based multilateral agency had lined up.
 
ADB had decided to raise the sum from the markets here to give a fillip to the development of debt market in the country. Washingtom based IFC had also followed suit subsequently.
 
Responding to queries on whether the issue would hit the markets in this fiscal, the Country Director said it was for the headquarters of ADB to decide on it.
 
But he added that "obviously it cannot be something like a three year time frame". He also said the sum and the yield would have to be decided by Manila. The pioneer issue by ADB was meant to raise resources to invest in companies in the country and abroad.
 
The tenor of the loan was for ten years. However the Centre had refused to give it an SLR status.

 
 

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