Kurum looking for funds

Top Channel has learned that Kurum is negotiating with the International Financial Corporate, the private branch of the World Bank. Unofficial sources say that the negotiations are discussing several options that include direct loans or a possible involvement of IFC as a shareholder.

The news for the dialogue has bee confirmed by IFC inner sources, who say for Top Channel that the negotiations are in an initial phase and deny any kind of concrete funding form, including that of selling shares to IFC.

However, the same sources do not exclude this option. But the involvement of IFC will raise several questions about the privatization process.

IFC was the legal consultant of the government in their privatization, which would create premises for conflict of interest. However, there’s an unconfirmed scenario. The tender for the sale of the four HPPs was held in the end of the last year. Kurum won the tender, offering 109 million EUR for the purchase. The Parliament approved the sale agreement in March, which leaves three months to the company, although the government rushed to approve the usage of these funds even without receiving any money, increasing this way the its own debt.

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