Sri Lanka seeks USD250mn ADB assistance to develop capital markets

Sept 07, 2016 (LBO) – Sri Lanka’s Finance Ministry has sought the assistance of Asian Development Bank to develop the capital market in the island.
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Under this program 250 million US dollars will be borrowed at an annual interest rate of LIBOR plus 0.6 percent less a credit of 0.1 percent, a cabinet decision showed. The proposed loan will be disturbed in 2 tranches based on the accomplishments of the policy actions relevant for each tranches. A cabinet decision said these funds will be utilized for the development of an efficient, fixed and transparent Capital Market with a strong legal and regulatory framework. The government said the policy matrix has been subject to a wider stakeholder consultation process and the Finance Ministry will be the executing agency for the program. Central Bank, Labour Ministry, Enterprise Development Ministry, Securities and Exchange Commission, Insurance Board, Accounting Standards Board, EPF and CSE have been designated as implementing agencies. The principal repayment period for the loan is 15 years including the 3 year grace period, the cabinet memorandum showed.