IFC, International Finance Corporation, the World Bank’s lending arm, has launched its $1 billion masala bond programme in the US and Europe. These bonds are aimed at funding the rapidly expanding investment activities of IFC in India.
Masala bonds are rupee-denominated borrowings issued overseas. IFC uses them to raise rupee funds overseas and brings the proceeds to India for investments. IFC pioneered the masala bond programme in October 2013.
Source- The Economic Times