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UPSC Current Affairs – 18-05-2019

In news

Kerala has turned out to be the first sub-sovereign entity in the
country to access the international market by listing masala bonds
at the London Stock Exchange.

In brief

  • The resources earned through the bonds would be channelised for funding a clutch of infrastructure development projects
    cleared by the KIIFB director board.
  • Kerala Infrastructure Investment Fund Board (KIIFB)had decided to garner Rs.3,500crore from the international market in
    the initial phase.
  • It plans to list the bonds at the Singapore stock exchange too.

Masala Bond

  • Masala bonds are bonds issued outside India but denominated in Indian Rupees, rather than the local currency.
  • Masala is an Indian word and it means spices.
  • The term was used by the International Finance Corporation to evoke the culture and cuisine of India.

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