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The 191.8 billion birr debt of the institution was canceled and transferred to the capital.

More than 50 percent of Ethiopian Electric Power’s loans from the Commercial Bank of Ethiopia have been canceled and converted to capital.

The Ministry of Finance, the Government Debt and Resource Management Corporation, the Commercial Bank of Ethiopia and the Ethiopian Electric Power Corporation It was decided that the loan he received from the Commercial Bank from 2004 to 2016 will be fully repaid and that part of the loan he received in 2017 will be transferred to capital.

However, it will repay the remaining loans from the Commercial Bank of Ethiopia.

The debt relief will save the institution 191.8 billion birr in interest, saving it from 17.25 billion birr in the current budget year and 18.81 billion birr in interest in the next budget year.

The 17.25 billion birr interest paid in the current fiscal year covers more than 85 percent of the institution’s 2013 fiscal year.

Debt cancellation will turn the institution’s debt into capital, which will restore the balance of the account.

By making it a strong and competitive institution, it will also have the potential for future operations.

According to the agreement, the loan to the Ethiopian Electric Power Corporation has been diverted to the capital, and the lender of the Commercial Bank of Ethiopia will demand 191.8 billion birr from the newly formed government debt and resource management corporation.

The Ethiopian Electric Power Corporation (EEPC) has announced that it has decided to cancel the debt of Ethiopian Electric Power, Sugar Corporation, former Metal and Engineering Corporation, Chemical Industry, Railways Corporation and Ethiopian Service.

Written by Editor


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