Russia's Vnesheconombank (VEB) expects the $6.7 billion the bank issued to local companies to refinance foreign debt in peak crisis months will be repaid by this fall, VEB head Vladimir Dmitriyev said on Tuesday.
"Currently, the balance of the debt is $6.7 billion. We are talking about credits given to RusAl, Altimo, and Gazprom Neft. There is an expectation that these loans will be repaid before the end of the prolongation period, in part through refinancing with commercial banks," Dmitriyev said at a news conference.
In October 2009, $8 billion worth of credits for six Russian companies given out amidst the external debt refinancing crisis were extended for a year.
Dmitriyev said that VEB would discuss debt refinancing of the world's top aluminum producer RusAl at the next supervisory board meeting, at which the size of the transaction could be altered.
A $4.5 billion loan given to RusAl by VEB in the refinancing crisis was extended for a year in October 2009. The credit will eventually be refinanced equally by Sberbank and VEB.
MOSCOW, July 20 (RIA Novosti)
