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World Bank plans rupee bonds, favours prepayment of loan
New Delhi, Sept 18: World Bank, which has been given permission by government to float rupee bonds, plans to tap the Indian market when the conditions become favourable.
New Delhi, Sept 18: World Bank, which has been given permission by government to float rupee bonds, plans to tap the Indian market when the conditions become favourable.
“The government has given us permission to do that (float a rupee bond). We will do it at appropriate time," Michael Carter, country head of World Bank, said here today.
He did not give any figure but said the proceeds from the bonds would be used for funding projects in the country.
Last fiscal, government had given permission to both World Bank and Asian Development Bank to float rupee bonds worth 100 million dollars each to fund infrastructure projects in the country.
Carter favoured government's stance of prepaying costly foreign loans saying, "It is part of India's debt management. Last fiscal, government prepaid 1.7 billion dollars worth of World Bank loans."
Government is planning to prepay more than 2.9 billion dollars worth of costly foreign loans.
According to finance ministry officials, the government will prepay 1.4 billion dollars multilateral loans taken from World Bank, ADB and others. The Centre will also prematurely retire high cost bilateral loans worth 1.5 billion dollars this fiscal.
Bureau Report
He did not give any figure but said the proceeds from the bonds would be used for funding projects in the country.
Last fiscal, government had given permission to both World Bank and Asian Development Bank to float rupee bonds worth 100 million dollars each to fund infrastructure projects in the country.
Carter favoured government's stance of prepaying costly foreign loans saying, "It is part of India's debt management. Last fiscal, government prepaid 1.7 billion dollars worth of World Bank loans."
Government is planning to prepay more than 2.9 billion dollars worth of costly foreign loans.
According to finance ministry officials, the government will prepay 1.4 billion dollars multilateral loans taken from World Bank, ADB and others. The Centre will also prematurely retire high cost bilateral loans worth 1.5 billion dollars this fiscal.
Bureau Report