The State government will float masala bonds for ₹5,000 crore in Singapore and London in June to fund the infrastructure development initiatives of the Kerala Infrastructure Investment Fund Board (KIIFB), Finance Minister T.M. Thomas Isaac has said.
Briefing reporters on the decisions of a KIIFB executive committee meeting here on Wednesday, Dr. Isaac said Axis Bank had been appointed as the arranger bank as per the norms laid by the Reserve Bank of India. International agencies such as Fitch Rating and S&P Global Rating had been selected for credit rating. The rupee-denominated bonds to be floated abroad would provide funds at affordable rates for the projects.
NRI Chitty, another source for funding such projects, would be launched in the third week of May in connection with the second anniversary of the Left Democratic Front government. This would be the first of its kind online chitty scheme. The scheme would be launched in UAE and then expanded to other countries in phases, he said
