(MENAFN) Abu Dhabi has granted Malaysia's loss-making state fund 1MDB a finance deal worth USD1 billion to help the government in restructuring its long-lasting debt lines, Arabian Business reported.
The funding, undertook by Abu Dhabi's International Petroleum Investment Company (IPIC) and its Aabar Investment unit, is going to help Malaysia pay USD975 million back to international banks.
"This agreement marks a significant step towards reducing 1MDB's overall debt levels, and is a crucial part of the rationalization plan I presented to cabinet earlier (Friday)," an official said in a statement.
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