BAKU, Azerbaijan, Feb. 11
By Tamilla Mammadova – Trend:
The European Bank for Reconstruction and Development (EBRD) is allocating 10 million euros for the reconstruction of Georgia’s Enguri Hydro Power Plant (HPP), Trend reports citing Georgian media.
As reported, the loan interest rate is one percent and the payment of the principal amount of the loan will start after eight years of paying only the interest rate.
According to Georgian Deputy Finance Minister Giorgi Kakauridze, EBRD allocated 28 million euros in 2018 for the reconstruction of the power plant, but then it was revealed that additional 10 million euros were needed for the project.
Thus, the total amount of the loan allocated by EBRD for the reconstruction of Enguri HPP is 38 million euros.
"The construction work started last year and 6 million euros have already been spent on the project", Kakauridze said.
The Enguri HPP is a hydroelectric dam on the Enguri River in western Georgia. It is believed to be the world's second highest concrete arch dam, reaching a height of 271.5 meters. The National Agency for Protection of Cultural Heritage granted the Enguri arched dam the national status of cultural heritage.
The project of HPP aims to make improvements to the existing Enguri HPP to alleviate critical power shortages in Georgia at a low cost and to enhance the environmental benefits of the Enguri HPP facility.
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