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Russia allocated Abkhazia RUB 700 mln credit2010-07-13 11:40
Elvira Nabiullina, the Minister of Economic Development of Russia, stated the Russian government made a decision on allocating Abkhazia a lax credit amounting RUB 700 mln [about USD 22.6 mln] for capitalization of republic's banks - RIA Novosti.gt-en-newsitem-inside
Dmitry Peskov, the deputy press secretary to Russian PM, explained the credit would be allocated in two tranches: of 300 mln and 400 mln roubles respectively, with interest rate of 2.5 per cent. In case of arrearages the rate will be increased to 10 per cent.
In March, in the course of the working meeting with Abkhazian leader Sergey Bagapsh, Vladimir Putin, the PM of Russia, said Abkhazia would be repaying the credit in the course of 10 years.