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. Last Updated: 07/27/2016

VEB Extends Key Loans Another Year

Vneshekonombank will extend for a year $10 billion in loans to all companies that borrowed from it to refinance foreign debt last year, the bank’s head, Vladimir Dmitriyev, said Thursday.

The state decided to prolong the loans because many of the companies are in the process of restructuring, he said. “The government’s decision will affect the position taken by these foreign creditors on the companies’ debt restructuring,” he said. The terms of some loans have been changed, Dmitriyev said, without elaborating.

He also said VEB, which holds a blocking stake in VimpelCom as loan collateral, will agree to its merger with Kyivstar. “We do not have any other options [but to agree], those are good companies,” he said.

(Reuters, MT)