Palestinians pay Israel’s electric company NIS 590 million
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Palestinians pay Israel’s electric company NIS 590 million

Money transfer is first installment of NIS 2 billion PA debt

An Israel Electric Corporation power plant situated on the Mediterranean coast in Hadera, Israel. (Yossi Zamir/Flash90)
An Israel Electric Corporation power plant situated on the Mediterranean coast in Hadera, Israel. (Yossi Zamir/Flash90)

The Palestinian Authority transferred NIS 590 million ($156 million) to the Israel Electric Corporation to cover part of a longstanding debt.

The IEC reported that it received the money on Sunday, as part of a deal signed last month to resolve the Palestinians’ outstanding debt to the IEC of almost NIS 2 billion ($530 million).

That agreement was signed by the head of the IDF’s coordinator of activities in the territories, COGAT, Maj. Gen. Yoav Mordechai, Palestinian Minister of Civil Affairs Hussein al-Sheikh, Israel’s Finance Minister Moshe Kahlon and Treasury Director-General Shai Babad.

The agreement provides for further payments to be made in installments, with a portion of the debt — possibly interest accrued over the years — likely to be waived.

From left: Head of of COGAT Maj- Gen Yoav Mordechai, Palestinian Minister of Civil Affairs Hussein al-Sheik, Israel's Finance Minister Moshe Kahlon and Israel's Ministry of Finance Director-General Shai Babad sign an agreement to resolve NIS 2 billion of debt owed by the Palestinian Authority to the Israel Electric Corporation, September 12, 2016. (Facebook/COGAT)
From left: Head of of COGAT Maj- Gen Yoav Mordechai, Palestinian Minister of Civil Affairs Hussein al-Sheik, Israel’s Finance Minister Moshe Kahlon and Israel’s Ministry of Finance Director-General Shai Babad sign an agreement to resolve NIS 2 billion of debt owed by the Palestinian Authority to the Israel Electric Corporation, September 12, 2016. (Facebook/COGAT)

 

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