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Hind Al Soulia - Riyadh - NEW DELHI — The Kerala government’s Infrastructure Investment Fund Board, (KIIFB) has solicited participation by financial institutions outside India, including those in the Gulf, as lead managers for a Diaspora Bond aimed at building resilience against natural disasters in the state such as a devastating flood, which occurred two years go.
The invitation for such participation by tender envisages selection of two lead managers, one Indian and one international to act as a consortium. The state government has approached the World Bank to work with KIIFB to facilitate in issuing the bonds.
The Diaspora Bonds, designated in Indian rupees, will be marketed in the GCC states where the majority of non-resident Keralites live. In addition to building Kerala’s infrastructure and resilience, the Diaspora Bond is designed to make Keralites in the Gulf stakeholders in their native state’s development.
According to KIIFB officials, Kerala accounts for roughly 15 percent of remittances into all of India. The bulk of such remittances into Kerala is from the GCC area. The imperative of Diaspora Bonds has been made more urgent by the Coronavirus pandemic which has caused major disruptions in financial flows into the state. — WAM
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