EBRD allocates additional €10 mln for reconstruction of Georgia’s Enguri HPP
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. Photo: IPN.
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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.
A 230-megawatt thermal power plant has begun operating in Gardabani, in Georgian south-eastern region of Kvemo Kartli earlier today, with Georgian Prime Minister Giorgi Gakharia and Economy Minister Natia Turnava stating that the "project is large-scale and very important for the state energy security."
The European Bank for Reconstruction and Development (EBRD) is offering €28 million to help Georgia rehabilitate Enguri Hydro Power Plant (HPP).
A new Combined Cycle Thermal Power Plant will be built in Georgia to increase the country’s power generation and move Georgia one step closer towards energy independence.
Georgia’s Ministry of Energy has announced the Expression of Interest on the technical and economic feasibility study, construction, ownership and operation of four hydro power plants (HPP) worth of over $239 million.
Georgian Finance Minister Lasha Khutsishvili will hold the position of the Vice Chairman of the European Bank for Reconstruction and Development Board of Governors throughout 2022-2023, the Ministry of Finance has announced.
Odile Renaud-Basso, the president of the European Bank for Reconstruction and Development, has pledged the institution’s support for the Georgian government to turn the country into a logistics hub by strengthening intra-regional connections amid increased demands on alternative routes connecting Europe with Asia on the backdrop of Russia’s invasion of Ukraine.