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17-03-14

Abu Dhabi, central bank of the UAE to refinance USD20 b debt

(MENAFN) Abu Dhabi and the central bank of the UAE have announced their plan to refinance USD20 billion of debt that was extended to the Dubai government, according to Arab News. The debt will be rolled over for five years at a 1 percent annual interest rate. A five-year loan was offered to Dubai by the Abu Dhabi government and covers USD10 billion, and USD10 billion of five-year bonds which Dubai issued to the UAE central bank.