SLNBB launched in Saudi
 

Mohammed RASOOLDEEN

RIYADH: Sri Lanka launched its maiden campaign on Sri Lanka Nation Building Bond (SLNBB) among its expatriates in the Saudi yesterday.

Sri Lanka announced the issuance of foreign currency denominated bonds to a value of 25 million U.S. dollars on February 04.

The bond will be issued to Sri Lankan working community abroad who have their permanent residence overseas and to professionals earning in foreign exchange in Sri Lanka.

Sri Lankans working abroad remit some $1.8 billion annually to the island's coffers whose contributions are considered to be country's second largest foreign exchange earner.

"We chose Saudi Arabia to kick-off our campaign since it has the world's largest concentration of Sri Lankan overseas workers and we want to tell them of the country's expectations from its people toward nation building, Rose Cooray, Central Bank's Assistant Governor told the Daily News.

The two member delegation which met its community members in Riyadh and Jeddah, is also expected to visit Abu Dhabi, Dubai and Doha during the tour.

"The objective of SLNBB is to provide an opportunity for non-resident Sri Lankans to acquire a solid investment and thereby help building the nation," she said.

The entire proceeds of the bond issue will be utilised for infrastructure development in the country such as building of another international airport, six flyovers and highways.

The SLNBBs are denominated in U.S. dollars, sterling pounds or euros and the minimum investment for three currencies, U.S. dollars 500, sterling pounds 250 and euros 500.