BAKU, Azerbaijan, Nov. 20
By Maryana Akhmedova – Trend:
Georgia’s Foreign Affairs Committee approved the Loan Agreement between Georgia and Asian Development Bank (ADB) within the Electricity Transmission Sector Reform program in the amount of 87.5 million euros, Trend reports via the press service of the Georgian Parliament.
According to the Parliament, the loan is aimed at the improvement of the situation in the e-transmission sphere and enhancement of institutional and financial independence of Georgian State Electrosystem (main electricity operator in Georgia).
“The ADB has been rendering support in energy reforming for more than 3 years. The current negotiations, aiming at renovation of the e-transmission lines and the efficiency of the GSE, started in 2020. It is important that the GES has left the 13-year rehabilitation process. Independent Administrative Board has been selected, which has later approved the corporation management documents and concluded the Loan Agreement with the ADB,” First Deputy Finance Minister Giorgi Kakauridze, said.
The Agreement provides for the payment of the loan with 15-year duration, along with preferential 3 years, while the interest rate depends on EURIBOR.
Currently, the agreement is interest-free, budget-supportive and shall be directed to the State Budget, the statement said.
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