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Lenders reject Dubai's request to cut rate on $800m loan
- United Arab Emirates: 6 hours, 32 minutes ago
The government of Dubai may raise a new loan to replace an $800m facility backed by the emirate's road- toll receipts, after some lenders declined a request to cut interest rates by 100 basis points, Bloomberg has reported, citing a banker familiar with the plan. Citigroup Inc., Dubai Islamic Bank, Emirates NBD and Commercial Bank of Dubai helped raise the monthly amortising loan in 2011, in which 11 other lenders participated, according to the banker. A change in the terms needs the consent of all banks, and some rejected the request, the banker said.
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