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ADB lists masala bonds on India INX
Why is it in the news?
- Asian Development Bank (ADB) has listed its 10-year masala bonds worth Rs. 850 crore on the global debt listing platform of India INX.
- The proceeds would be used to support local currency lending and investment in India.
- ADB’s masala bonds arelisted on both Luxembourgexchange and India INX.
More in the news
- Asian Development Bank (ADB):
(1) ADB was conceived in the early 1960s as a financial institution that would be Asian in character and foster economic growth and cooperation in one of the poorest regions in the world.
(2) ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
(3) It is modeled on the World Bank.
(4) It has similar weighted voting system where votes are distributed based on member's capital subscription.
(5) India has about 6% voting rights (4th highest, Japan highest and USA second highest)
(6) ADB is composed of 67 members, 48 of which are from the Asia and Pacific region.
(7) It is Headquartered in Manila, Philippines.
Source
The Hindu