Planning Ministry : World Bank's funding of NEPCO "only a proposal" | Business | Ammon News

Planning Ministry : World Bank's funding of NEPCO "only a proposal"

[3/9/2020 4:07:41 PM]

AMMONNEWS - The Ministry of Planning and International Cooperation spokesperson, Issam Majali, said a World Bank's funding project for the National Electric Power Company (NEPCO) is just a government proposal that hasn't' been completed yet.

No official request in this regard has been submitted to the World Bank, either by NEPCO or the government, until a final scenario is produced to deal with the company's debt, study all available options, and take the appropriate decision thereon, Majali said Monday in a statement.

He explained that this proposal comes to provide funding for NEPCO that includes a soft loan of $200 million and loan guarantees as part of bigger financing intended to be drawn from international financing institutions to assist the company, in order to address its debt by restructuring the debt and replacing the existing commercial debt with concessional international financing with low interest rates and longer and less expensive repayment periods.

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