The European Bank for Reconstruction and Development (EBRD) is allocating €10 million for the reconstruction of Georgia’s Enguri Hydro Power Plant (HPP).
The EBRD allocated €28 million in 2018 for the reconstruction of the power plant but then it was discovered that an additional €10 million was needed for the project, said Deputy Finance Minister Giorgi Kakauridze.
The loan interest rate is 1 per cent and the payment of the principal of the loan will start after eight years of paying only the interest rate.
The total amount of the loan allocated by EBRD for the reconstruction of Enguri Hydro Power Plant is €38 million.
Kakauridze said that construction work started last year and €6 million has already been spent on the project.