Romania sign EUR 1bn loan agreement with World Bank.

By bne IntelliNews September 12, 2012
The World Bank and Romania signed earlier this week an agreement for a EUR 1bn development policy loan with a deferred drawdown option, daily Mediafax reported. The World Bank approved the loan in early June when it was specified that the drawback option is valid for the next three years. The arrangement comes to strengthen the government's buffer reserves. Romania will pay a front-end fee of 0.25% and a 0.5% stand-up fee for the money not drawn. The interest rate on the drawn funds will be 0.6pps plus 6M EURIBOR. Romania will have to pay back the money it does draw on February 1, 2024.

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