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US bank to lend $9.8 million to Lithuania's Ignalina plant

  • 2000-02-17
VILNIUS (BNS) - The U.S. Bank of New York will issue a loan worth $9.8 million to Lithuania's Ignalina nuclear power plant for a modernization project. The Lithuanian government issued a state guarantee.

The bank will finance the modernization of the TITAN information system of Ignalina's second reactor in a project linked to the plant's safety.

The long-term loan carries a variable interest rate, 0.1 percent over the London interbank rate (LIBOR). Five-year repayment of the loan is to start six months after completion of the investment program.

The total value of the project is $11.535 million, of which 85 percent will be covered by the bank loan and the rest will be financed by the nuclear power plant itself.

Lithuania has committed to decommissioning the plant's first reactor by 2005. A decision on shutting down the second block is to be taken by 2004.