Africa-Press – Cape verde. The State of Cape Verde gave approval to the electricity and water company Electra to take out a bank loan of 360 million escudos (3.2 million euros) to carry out its activities and reinforce its treasury.” To guarantee the execution of activities and the reinforcement of its treasury, the company intends to resort to bank financing, in the amount of 360,000,000$00 (three hundred and sixty million escudos), for which a State guarantee is requested as a condition inseparable from carrying out the financial operation “, reads the official document, consulted today by Lusa, indicating that the General Directorate of the Treasury gives approval to Electra to obtain the bank loan from Caixa Económica de Cabo Verde.
The Government highlighted the importance of the public investment programs foreseen in the company’s Activity Plan, as well as the reinforcement of its treasury in view of the critical situation it is going through.
Therefore, ” the State of Cape Verde, as a shareholder and given the relevant role that Electra plays in the national energy sector, recognizes the clear importance of supporting the company in mobilizing these financial resources “, he says.
Electra foresees in its Activity Plan investments in the maintenance of power plants at national level, which become ” essential for the proper functioning ” of services provided to the country, with a direct impact on the provision of services to customers, namely, network extensions , public lighting and new energy and water connections. However, due to the great pressure on its treasury, it has not been possible to move forward with the implementation of the plan”, explained the Government.
Still in accordance with the same resolution, the company has gone through different management and administration models and is currently facing ” serious economic and financial problems “, as a result of the impacts of the international crisis caused by the effects of the immediate rise in fuel prices, causing serious constraints on its treasury.
Electra is responsible for the production and distribution of electricity in Cape Verde through 14 thermal plants, two solar parks and a wind farm.
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