02 March 2016 Current Affairs: IFC, a member of the World Bank Group, launched its first Uridashi Masala Bond, mobilizing 300 million rupees (or $4.3 million) directly from Japanese household investors to promote private sector development in India. The three-year bond builds on IFC’s pioneering Masala bond program, which has raised the equivalent of $1.7 billion from international investors for investment in India. Masala bonds are rupee-denominated instruments sold only to offshore investors, while Uridashi bonds are sold to Japanese household investors. Proceeds from IFC’s Uridashi Masala bonds will be used to support private sector investment in India.
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