The Investment Corporation of Bangladesh (ICB) will raise $300 million by issuing a bond from the international market.

The government approved the ICB’s proposal, according to a notice issued by the Finance Division under the Finance Ministry last week.

The state-owned financial institution will utilise the fund to bolster its investment capacity, the tenure of the bond will be a five-year and its interest rate will not be more than 3.5 percent.

However, the government tagged a condition that the ICB will have to make a fresh investment of at least 50 percent of the raised fund.