KARACHI, April 3: The government has nominated three top foreign banks to sell its Eurobonds by the end of the current fiscal year, Dawn has learnt.

Banking sources on Tuesday said that the total amount of bonds were yet to be decided, however, they believed that it would be in the range of $800 to $1,000 million.

The government has acquired the services of Citigroup Inc., Deutsche Bank AG and HSBC to sell its foreign currency dominated bonds to overseas investors. The approval for the appointment of these banks was given by the Prime Minister Shaukat Aziz, said the sources.

They said that the dates for launching of these bonds were still not finalised but said it would be introduced before the end of the current fiscal.

The sources said that Pakistan would be able to borrow from the overseas market at much better prices mainly because of the strong economic indicators with record high foreign exchange reserves.

The sources said that the country required huge funding for its long-term mega infrastructure projects including construction of several big dams.

Analysts believe that the government would be able to successfully move with its massive infrastructure plans as conditions are suitable regarding the foreign exchange inflows.

The economic managers of the country expect that foreign direct investment will cross $6 billion mark by the end of the current fiscal.

Similarly, the overseas Pakistanis have also sent 20 per cent more than what they sent last year.

To raise foreign exchange the government had launched Islamic Sukuk bonds. Sources said that in the wake of huge demand, the government may opt for Sukuk to raise more funds for its mega infrastructure projects.

Sources said that the timing of launching of Eurobonds would be decided within a week. The banking sources expect highly encouraging response from the overseas investors.