BAKU, Azerbaijan, Jan. 24
By Maryana Akhmedova – Trend:
Georgia’s Batumi City Hall will pay loan principal and interest in the amount of 46.4 million Georgian lari ($15.1 million) to the German Bank for Reconstruction and Development (KfW) and the European Bank for Reconstruction and Development (EBRD) in 2022, Trend reports via Georgian media.
The amount is to be re-payed in two parts – in June and December 2022, of which 43.1 million Georgian lari ($14 million) accounts for the KfW, and 3.3 million Georgian lari ($1.07 million) – for the EBRD.
The terms of the loan service to be re-payed to the KfW are determined by the Batumi Utility Rehabilitation program, which consists of four phases. Batumi will spent 12.5 million Georgian lari ($4 million) to cover the interest expenses of the loan received from the KfW, and 30.6 million Georgian lari ($9.9 million) – to repay the loan principal.
The Batumi Bus Project of the EBRD will require repayment amount of 259,500 Georgian lari ($84,527) to cover interest expenses, while 3 million Georgian lari ($977,198) – to repay the principal amount of the loans.
According to the Batumi City Hall, the forecast of the funds needed to be re-payed over the following years is as follows: 51.9 million Georgian lari ($16.9 million) in 2023, 34.4 million Georgian lari ($11.2 million) in 2024, and 34.4 million Georgian lari ($11.2 million) in 2025.
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