NewsWhore
03-24-2010, 04:40 PM
Three of the nation's leading banks, Popular, Leon and Citi have lent government-owned power distribution companies Ede-Este and Ede-Norte US$70 million. Likewise, the Public Electricity Corporation (CDEEE) paid power generators US$287 million to get the electric system back on its feet and reduce the scope and duration of blackouts.
CDEEE executive vice-president Celso Marranzini announced the power distribution companies need to repay the loan before the end of the year.
The US$70 million will be immediately transferred to the generators to pay off the debt owed by the two distributors.
Marranzini called the loans "historic" and a sign of the confidence the financial institutions have in the electricity distributors.
The debt payment was a requirement of the IMF that had delayed in signing the stand-by agreement for this quarter awaiting the cancellation of the debt.
More... (http://www.dr1.com/index.html#3)
CDEEE executive vice-president Celso Marranzini announced the power distribution companies need to repay the loan before the end of the year.
The US$70 million will be immediately transferred to the generators to pay off the debt owed by the two distributors.
Marranzini called the loans "historic" and a sign of the confidence the financial institutions have in the electricity distributors.
The debt payment was a requirement of the IMF that had delayed in signing the stand-by agreement for this quarter awaiting the cancellation of the debt.
More... (http://www.dr1.com/index.html#3)