UAE, Abu Dhabi roll over $20 billion of Dubai's debt | Reuters:
"(Reuters) - Abu Dhabi and the central bank of the United Arab Emirates have agreed to refinance $20 billion of debt that was extended to the Dubai government as emergency aid during its financial crisis and comes due this year, the state news agency said on Sunday.
The debt is being rolled over for five years at a 1 percent annual interest rate, WAM said in an official statement.
The roll-over covers a $10 billion, five-year loan which was offered to Dubai by the Abu Dhabi government through two state-owned banks, and $10 billion of five-year bonds which Dubai issued to the UAE central bank.
The agreement, which had been expected by financial markets, will enable Dubai to continue spending heavily to develop itself as a regional center for finance, trade and tourism."
'via Blog this'
No comments:
Post a Comment