The House of Representatives has approved the President’s request to increase the diaspora bond from 100 million Dollars to 300 million Dollars as part of the federal government’s external borrowing plan which runs from 2016 to 2018.

The House approved in total, the recommendation of an Adhoc Committee set up to consider the President’s request.

The diaspora fund is expected to reduce the cost of government’s borrowing.

In addition, the proceeds of issuance will be used to finance capital projects in some sectors of the economy including roads, railways and power projects.