KESH loans 2 billion ALL
29/02/2012 09:00
The Washington Agreement Must Be Reactivated! 06/01 19:04
The Albanian government accorded half of the reserve fund to the
Albanian Energy Corporation (KESH), as a loan with 0.5% of annual
interest, money that will be used for financing the energy import for
the next month.
The government decision was published yesterday in the official book and was reported this Wednesday by the Shqip newspaper. Yesterday, KESH announced that they have signed the energy import contracts for March with a price of 75 EUR for MWh.
The government decision came after KESH remained without money and access in the financing bank lines, due to the high import cost and the fact that their loans in banks have reached the maximum.
The government has given banking guarantees for the loans that KESH has taken by the banks, while the yesterday’s decision is about direct crediting.
The deadline of the loan was set for six months, which means that KESH will have to pay the loan within this year, but this seems impossible.
The Minister of Finances has added some conditions for the loan, the first of which is that in case the loan will not be paid within the deadline, the interest rate will increase to 7%, or same as the treasury bonds.
If KESH will keep not paying, the Ministry of Finances has the right to confiscate the KESH revenues after selling electricity.
The government has planned general reserve funds to the point of 4.7 billion ALL, part of which were used for the emergency created by the heavy snowfalls and the cold.
Top Channel
