The Council of Ministers has approved the receipt of a government-guaranteed loan to Cyprus Turkish Electricity Authority (Kib-Tek) ) from the Near East Bank for 35 million Turkish Lira of the 52 million Turkish Lira required to purchase fuel, Yeniduzen reported.
According to the Official Gazette published on Thursday, borrowing was accepted with interest at 20.40 percent, maturing at 24 months, payable by 24 equal installments.
The announcement read as follows:
“The Council of Ministers, in the light of what is stated in the motion, in line with the decision of the Board of Directors of KIB-TEK dated 30.6.2021 and numbered TB/157 /2021, 20.40% annually among the offers received from various banks, in order for the Cyprus Turkish Electricity Authority to borrow 12,000 M Tons of fuel (approximately 52,000,000 TL). It approved the acquisition of a total of 35,000,000 TL (Thirty-Five Million Turkish Lira) loans with 24 equal installments and 24 equal installments, based on government guarantee, from the Near East Bank, which made the lowest bid with the lowest interest rate”.