MOSCOW, October 31 (RIA Novosti) - Russia's state-controlled Vnesheconombank (VEB) has issued $7.8 billion worth of loans to Russian companies to refinance their foreign debts, VEB said Friday.
"Funds with a total value of $7.8 billion have been allotted to a number of fuel and energy sector, metals, construction, transport and communications companies," VEB said.
On Wednesday VEB chairman Vladimir Dmitriyev said the development bank's supervisory board approved the allocation of funds for Russian companies' foreign debt refinancing to the sum of slightly less than $10 billion.
He said VEB first of all provided funds to companies whose repayments were due soon.
VEB will receive up to $50 billion from Russia's international reserves to refinance Russian companies' foreign debts.
