NAWEC signs agreement to clear its debt

Monday, March 12, 2018

Ministry of Finance and the National Water and Electricity Company (NAWEC) Friday signed a landmark agreement to balance the company’s books and help clear its huge debts, which brought it to the brink of bankruptcy, GRTS reports.

The Finance minister, Amadou Sanneh and NAWEC’s Managing Director Baba Fatajo inked the agreement at State House. The agreement effectively gives a new lease of life to the embattled electricity and water giant which is struggling with debts of 11 billion dalasi.

The Ministry of Energy signed as a witness to the agreement which could potentially attract private sector investment in NAWEC.  Under the terms of the agreement, government will pay 75 percent of NAWEC’s debt. This signing of the agreement was welcomed by World Bank officials who called for its speedy implementation.

Source: GRTS