WB arm to raise $2.5b in India bond sale

NEW DELHI, Aug 21 : The World Bank's private sector financing arm said Wednesday it would raise $2.5 billion in Indian rupee-denominated bonds to fund much-needed infrastructure projects across the country. The debt sale by the International Finance Corporation (IFC), the largest global development institution focused on the private sector, marks one of India's biggest-ever financing offers. The proceeds of the bond sale will be used to help finance India's ambitious infrastructure programme to overhaul its shabby roads, ports and airports among other projects. India requires big investment to carry out the planned infrastructure programme, expected to cost around $1 trillion in the five years to 2017. But a shallow bond market and lack of other longterm financing have hampered efforts to raise the necessary money.     — AFP