Nov. 28 – International investors will now be able to buy offshore rupee-denominated bonds thanks to a program sponsored by the World Bank aimed at strengthening India’s financial markets and attracting greater overseas investment.
The program, run by the World Bank’s International Finance Corporation (IFC), will offer a series of rupee-linked bonds, worth a total of US$1 billion, to international investors. The first issue, valued at US$160 million, was released this month to overwhelming demand, according to a press release circulated by the IFC last week.
As a member of the Word Bank, the IFC is tasked with developing innovative strategies designed to boost economic opportunity around the world. The current bond program, with this goal in mind, was designed to “strengthen India’s capital markets and attract greater foreign investment in a time of renewed economic uncertainty across the world,” according to the release. Continue reading