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. Last Updated: 07/27/2016

Gazprom Loan Boost

MOSCOW -- Massive response from foreign commercial banks has led the European Bank for Reconstruction and Development to boost the size of a syndicated loan to Gazprom from $225 million to $300 million.

The loan, targeted for investment in the natural gas giant's pipeline system, was drafted earlier this year and officially signed last week.

Noreen Doyle, an EBRD deputy vice president, said in a statement that the response from banks was "beyond our expectations" and reflected both interest in the Russian market from foreign financial institutions and "advances made by Gazprom's management in terms of financial information and transparency."

Eighteen major international banks from 11 countries have joined the syndicate. The EBRD will fund $100 million of the loan.