Nipdec seeks $1b to fix roads
The National Insurance Property Development Company (Nipdec) has started trying to raise $1 billion as part of a programme to repair roads in the country.
Nipdec is proposing to raise the money through auction of a 16-year, four per cent fixed rate Government bond which matures in October 2029.
The financing will be the first of a three-phase borrowing programme totalling $2.7 billion from this year until 2015, Nipdec said in a statement on Saturday.
The Central Bank is the agent auctioning the bonds.
The auction opened yesterday for investors and closes on October 23.
Nipdec said the proceeds of the bond issue will be used to finance the Programme for the Upgrade of Road Efficiency (PURE).
It is an extensive programme of road repairs and road enhancement throughout the country through the Ministry of Works.
The date of the issue of the bonds is October 25.
Interest is payable semi-annually on October 25 and April 25 with interest accruing from this year and with the first payment on April 25 next year.
Applications for the bond issue can be made through Government securities intermediaries listed in Nipdec’s press information memorandum.
The memorandum can also be viewed at www.central-bank.org.tt.