The funds that will be mobilized through the proposed bond issue are to be used for financing the infrastructure development programmes of the Government.

The Central Bank of Sri Lanka has invited proposals from the selected banks and investment houses to act as Joint Lead Managers on July 02, 2007. In response, 12 international banks and investment houses submitted their proposals and made presentations. After the evaluation process, the Monetary Board of the Central Bank of Sri Lanka has now selected three proposers, namely, J P Morgan, Barclays Capital and HSBC as Joint Lead Managers/ Bookrunners/ Underwriters to this bond issue.

The debut sovereign bond is also expected to serve as a benchmark for other corporate borrowers in Sri Lanka which have the capability of raising money in international capital markets.