Abu Dhabi extends period of $25.3b loans to Dubai

DUBAI (AFP) - Oil-rich Abu Dhabi and the United Arab Emirates central bank agreed on Sunday to extend the period of loans worth US$20 billion (S$25.3 billion) accorded neighbouring Dubai when it was hit by the global financial crisis in 2009.

The government of Abu Dhabi agreed to roll over a loan of US$10 billion for a renewable five years, WAM state news agency said.

The Abu Dhabi-based central bank of the UAE federation at the same time renewed subscription to Dubai bonds worth US$10 billion for five years, it said.

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