OSHEE, 81.5 million euro loan from EBRD - It will be with state guarantee. The agreement reaches the Parliament
The 81.5 million euro loan obligations that the Electricity Distribution Operator will receive from the European Bank for Reconstruction and Development will be covered by the state budget in the event of OSHEE's inability to liquidate them. The Guarantee Agreement has arrived at the Assembly, which will have to be approved by the new parliament, after the elections on May 11.
The state-guaranteed loan will be used to refinance and extend the terms of existing state-guaranteed overdrafts that OSHEE has entered into with second-tier banks due to emergency liquidity needs and which require annual renewal. These loans were taken out to finance electricity imports during the energy crisis in the country.
According to the EBRD, the project will enable the restructuring of OSHEE's balance sheet, giving the company better control over its financial situation, and, indirectly, the possibility of financing significant green capital expenditures.
Meanwhile, the EBRD investment will be conditional on an agreed reform program, which is expected to have a significant impact on the development, management and operational efficiency of OSHEE and, consequently, the electricity sector in Albania.
Reforms that OSHEE should undertake include amending the Albanian Electricity Distribution Code, improving long-term planning of network investments to support the penetration of Renewable Energy Sources; establishing a Council for Capacity Building in the Energy Sector to identify technical needs of the market and facilitate dialogue between businesses, government and educational institutions; and supporting the establishment of a Training Academy at OSHEE.
Poll
4.3 billion euros circulate in the hands of Albanians - BoA: Money outside banks, with an increase of 10.2% in March
There are around 4.3 billion euros in circulation outside banks in Albania. The latest data from the Bank of Albania shows that physical money found outside......
Official holidays, how are overtime hours paid at work? - Compensation with time off, or up to 50% of salary
Domestic employees who are required to work more hours than 8 hours per day or 40 hours per week, as well as on days that coincide with official holidays,......
"We will increase per capita income to 15 thousand euros" - Rama: We will reduce public debt below 50% and increase salaries
Prime Minister and Socialist Party leader Edi Rama, at a meeting with citizens of Berat and Dimal, unveiled some of the government's main achievements in the......
Labor market challenges in Albania - More inspections and fines, but still informality
May 1, International Workers' Day, finds Albania facing numerous challenges in the labor market, but also with efforts to improve conditions and supervision......
Expansion of the Devoll Cascade - Feasibility study, society: Project details for a watershed with a pumping station
The "Devolli Hydropower" company has completed the feasibility study for the construction of a reservoir with a pumping station in the upper part of the......
"In the first 100 days, no pension below 200 euros" - DP Leader, Sali Berisha, from Librazhdi: We will lift Albanians out of extreme poverty
The leader of the Democratic Party, Sali Berisha, from Librazhdi, declared that with the program of the DP-ASHM alliance, every pensioner, within the first......
Ukraine, US sign minerals deal - Pact includes Kiev's natural resources, country's reconstruction
Kiev and Washington have signed an agreement promoted by US President Donald Trump that will give the United States preferential access to minerals and......
Raising cigarette taxes saves children's lives - According to study, the measures could avoid 281,000 deaths per year
More than a quarter of a million deaths among children under the age of five could have been avoided in low-income countries in a single year if they had......
