OSHEE "reschedules" 81.5 million euro loans - Borrows 45.75 million euro from the EBRD, saves over 7 million euro in bank interest
OSHEE will receive a 45.75 million euro loan from the European Bank for Reconstruction and Development to refinance and extend the terms of existing state-guaranteed overdrafts linked to second-tier banks due to emergency liquidity needs.
The loans, worth a total of 81.5 million euros, were taken to finance electricity imports during the energy crisis in the country, while the reason for the change of creditor is more favorable conditions in terms of bank interests.
"This draft law enables state-guaranteed support for OSHEE to obtain a loan with favorable terms from the EBRD to support OSHEE in the amount of 45.75 million euros with a favorable interest rate of 6-month Euribor, plus 1% ," said Florian Semani, Deputy Minister of Finance.
"The company saves about 7 million and 145 thousand euros during this 12-year period, by paying less interest to the EBRD ," said Laert Duraj, SP MP and rapporteur of the draft law.
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.
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