Ipic $3.75bn loans early pay-back

An Abu Dhabi government investment fund has repaid two loans worth $3.75 billion far ahead of schedule after raising cash by selling bonds.

The International Petroleum Investment Company said on Wednesday that it repaid on Monday the credit lines taken out last year. They were supposed to come due in 2013.

Ipic used proceeds from a recent bond sale to refinance the debt. That sale was seen as sign of the creditworthiness of some government-linked borrowers in Abu Dhabi despite the uncertain global economy.

Ipic mainly invests in energy companies abroad. It is also the main shareholder behind another government fund with big stakes in German automaker Daimler and Italian bank UniCredit. 

Follow Emirates 24|7 on Google News.