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Albania to implement plan for Eurobond Renewal

Xinhua, May 20, 2015 Adjust font size:

Albanian Deputy Finance Minister Erion Luci said on Tuesday the Albanian government would carry out its Eurobond renewal plan with Deutsche Bank and J.P. Morgan.

Luci praised the two banks' seniority in the banking business, and expected possible involvement of other banks in making the renewal design a financial success.

"The process might attract other banks which might help with the success of this instrument," Luci said.

Albanian government believes the renewal plan would save money for budget. Luci said the loan obtained five years ago with a 7.5 percent interest rate would be replaced with lower interests.

While "the main goal is to renew the existing loan", the official said there would be possible similar arrangements for other debts, if allowed by better market conditions as a result of new policies of the European Central bank.

It is also possible that Tirana would take more than 300 million euros in loans on favorable terms to replace its internal debt, Luci said. Endi