In June 2015, VEB restructured the loan issued to the Skolkovo Business School. Adviser to the Head of the Analytical Center Yuri Ammosov believes that interest payments on this loan will run to about RUB 14 million a year. “This amount will not be burdensome for Skolkovo Business School, it has got expensive programs that generate enough cash flow to pay the interest,” the expert told the Vedomosti newspaper.
Servicing the Skolkovo loan will not be burdensome
However, Mr. Ammosov noted that it was not clear how the principal amount of the loan was going to be paid off. “But if the principal is to be paid off at the end of the term of the loan then it should not cause any problems. In 25 years the loan may be extended or paid off,” the expert explained.
Vedomosti notes that the loan is for RUB 14.04 billion and that means that at the time of restructuring Skolkovo Business School owed VEB USD 256.1 million. The interest rate for the ruble loan is 0.1% per year. Until 2020, the school may only pay interest. The loan is to be paid off by 28th December, 2040.