HomeWorldMozambican NGO questions "secrecy" over Cahora Bassa hydroelectric debt

Mozambican NGO questions “secrecy” over Cahora Bassa hydroelectric debt

A non-governmental organization considers it “urgent” to know “what is happening at the Cahora Bassa hydroelectric plant and what strategies are being followed to mitigate the financial risk.”

The Center for Democracy and Development (CDD), a Mozambican NGO, asked the State for information about the recently announced debt of 247 million euros for Hidroeléctrica de Cahora Bassa (HCB).

The CDD considers “urgent” a “communiqué from the Institute for State Participation Management (IGEPE) about what is really going on at HCB Y what strategies are being followed to mitigate financial risk“, read in a statement.

The CDD’s position comes 20 days after requesting more information about the loans in question: one of 125 million euros to the African Development Bank (ADB) and another to the French Development Agency (AFD) and the European Union (EU). ) of 122 million euros.

One month after the signing of two important financing agreements, there is no information on the official website of the company about the loan packages, their reason, and how they should affect the financial situation of the company, the income of the State and Mozambicans as shareholders”, reads the statement, in which it requests the intervention of IGEPE.

The CDD highlights that, in addition to being majority public (85% owned by the State), HCB dispersed 4% of its capital on the stock marketTherefore, it considers the lack of information unreasonable, which it describes as “secret”.

“This situation is worrying not only because of the lack of transparency in which the process has been carried out, but also because of the Moment (political) of multimillion-dollar debts“, that is, at the beginning of a new electoral cycle, points out the CDD, referring to the municipal elections this year and the general ones of 2024.

HCB, together with the Emose insurance company and the public railway company (CFM), are the only companies in the State Business Sector (SEE)”with strong responsiveness to financial obligations“, points out the CDD, fearing that “the company will walk towards what are considered cancer companies of the SEE”.

Lusa tried to get a reaction from HCB, but the company sent a clarification for later.

Source: Observadora

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