Energy, chances of price increase
02/07/2011 08:00
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After many consequent attempts, EBRD and ICF, two commercial branches of
the World Bank, accepted to give a 100 million EUR loan to CEZ, the
Czech company that supplies more than 1 million Albanian families with
electric energy.
The news comes from EBRD (European Bank for Reconstruction and Development), for the first 50 mln EUR of the loan, and then it was confirmed by CEZ Distribution Company.
ICF (International Financial Corporation) confirmed the news for the second half of the loan that CEZ had requested.
Both financial institutions have negotiated for the terms and conditions of the loan, but the interest rate was not made public.
“EBRD welcomes the achievement of this financial agreement, which comes to support CEZ Company for modernizing its network and for increasing their service towards the consumers, in full accordance with international standards”, said Nandita Parshad, responsible of the energy sector at the World Bank.
CEZ must repay the loan within a term of 2 years, for the realization of which the Czech company has offered strong guarantees to both banks, the strongest of which is increasing the revenues from energy bills.
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