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June 27, 2012 10:15 am

Africa-Israel Investment Arm Gets $626 Million Loan

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Lev Leviev. Photo: Lev Leviev.

Globes – AFI Development plc (LSE:AFID), the Russian development arm of Lev Leviev-controlled Africa-Israel Investments Ltd. (TASE:AFIL) has secured a 21 billion Ruble ($626.5 million) credit facility from Russia’s VTB Bank (RTS; LSE: VTBR).

The loan for AFI Development subsidiary Bellgate Construction Ltd. can be drawn on the credit in five installments, each for a designated purpose. Most of the funds will be used to refinance current loans from VTB Bank. The balance of the funds will be used to refinance construction costs of AFIMALL City’s parking garage, and to pay outstanding payments for it.

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