RIYADH, 26 February 2006 — Sri Lanka launched its maiden global campaign on “Sri Lanka Nation Building Bond” (SLNBB) among its expatriates here.
On the 58th anniversary of its independence on Feb. 4, the island announced the issuance of foreign currency denominated bonds to a value of $25 million.
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
“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, assistant governor Central Bank of Ceylon, told Arab 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 this leg of 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, pointing out that the entire proceeds of the bond issue will be utilized for infrastructure development in the country such as building of another international airport, six flyovers and highways. The SLNBBs are denominated in US dollars, sterling pounds and euros and the minimum investment for the three currencies is: $500, sterling pounds 250 and euros 500.
Douglas Weerasinghe, deputy general manager — international and treasury of Bank of Ceylon, lead manager of the bonds and Sri Lankan Ambassador A.M.J. Sadiq also addressed the gathering at the launching ceremony where Sri Lankans from all walks of life were present.
In Jeddah, Consul General Masihudeen Inamullah introduced the bankers to his countrymen at a similar function held Wednesday.
