Kib-Tek to Take Out Loans to Fund Fuel Purchase

Cyprus News - KIB-TEK

Friday, 26 August 2022

The national electricity authority Kib-Tek will borrow a total of 25 million Turkish Lira and 7 million US dollars from four banks to purchase fuel, Yeniduzen reported.

The total amount was approved by the Council of Ministers. As published in the Official Gazette, Kib-Tek will repay 25 million Turkish Lira to the Near East Bank over a period of 24 months.

Kib-Tek will also borrow a total of 7 million dollars. Creditwest Bank Ltd. will lend 3 million dollars, Capitalbank Ltd. will also lend 3 million dollars and Askbank Ltd. will lend 1 million dollars with a maturity of one month and a government guarantee.

The Council of Ministers’ decision was taken in order to finance the institution’s fuel supply, in accordance with a decision made by the Kıb-Tek Board of Directors and the Debt Management Committee.  


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