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.  

Yeniduzen

Other Stories

Ads Blocker Image Powered by Code Help Pro

Ad Blocker Detected

We have detected that you are using extensions to block ads. Please support us by whitelisting our website in your ad blocker.

Powered By
100% Free SEO Tools - Tool Kits PRO