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of <h1>Refinancing Old ECBs with New Ones Allowed if Borrower Meets Current Criteria and Costs Are Lower</h1> External Commercial Borrowings (ECB) raised under a previous framework can be refinanced or partially refinanced through an ECB under the current framework. This is permissible if the borrower remains eligible under the current ECB framework, the all-in-cost of the new ECB is lower than that of the existing one, the residual maturity is not reduced, and the new ECB complies with the current framework requirements.
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