October 7, 2008 / 8:51 AM / 10 years ago

Russia to lend Iceland 4 bln euros -Iceland c.bank

REYKJAVIK, Oct 7 (Reuters) - Iceland’s central bank said on Tuesday Russia had agreed to provide the country with loans of 4 billion euros ($5.4 billion).

Sedlabanki said in Icelandic on its website that the Russian ambassador to Iceland, Victor Tatarintsev, had informed Central Bank Governor David Oddsson on Tuesday that Russia would provide Iceland with the loan.

It said the loan would substantially strengthen Iceland’s foreign reserves and support the Icelandic crown.

The central bank said the loans were for 3-4 years on terms that would be 30-50 points above Libor rates.

It said Iceland’s Prime Minister Geir Haarde had begun investigating the possibilities of such a loan this summer and that experts from the Sedlabanki and the government would be going to Moscow shortly.

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