Thiruvananthapuram,Oct 25 (PTI) The Kerala Infrastructure Investment Fund Board would issue 'masala bonds' worth Rs 5,000 crore to mobilise funds for various development works, state Finance Minister T M Thomas Isaac said Thursday. Rupee denominated overseas bonds are popularly known as masala bonds. The KIIFB Chief Executive Officer has been entrusted the task of issuing the 'masala bonds' next month, he said. The bonds would be listed in the London and Singapore stock exchanges, he said adding bonds worth Rs 5,000 crore would be issued in the first phase. "The Reserve Bank of India had already given sanction for bonds worth Rs 2,647 crore, he said. Isaac also flayed the Centre for not granting permission for ministers' visits abroad to raise funds from Keralities expatriates. "The state had planned to mobilise funds from expatriates and not from foreign governments. The centre put a hurdle for that. It is a serious matter. The Centre's attitude towards the state was very unfavorable", the minister said Isaac was speaking after the 33rd meeting of KIIFB. The minister said development projects to the tune of Rs 13,886.93 crore were approved by the KIIFB Thursday. With this, 466 projects worth Rs 39,717 crore had been given the nod by KIIFB after the LDF government came to power, he said.
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)