UAE, Abu Dhabi extend $20 bln of Dubai debt

DUBAI, March 16 Sun Mar 16, 2014 7:48am EDT

Related Topics

DUBAI, March 16 (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 debt comprises a $10 billion loan which was offered to Dubai by the Abu Dhabi government through two state-owned banks, and $10 billion of bonds which Dubai issued to the UAE central bank.

FILED UNDER:
A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article