Foreign companies interested in privatisation of Cape Verdean power company, Electra

23 April 2013

The privatisation of Cape Verdean power and water company Electra – Empresa de Electricidade e Água de Cabo Verde has attracted the interest of several foreign companies, the minister for Tourism, Industry and Energy, Humberto Brito said Monday.

During a debate about the development of the energy sector in the Cape Verdean parliament, the minister gave assurances that the privatisation would go ahead and that it would be carried out in a transparent way and at a fair price.

Brito noted that the previous sale of Electra to a private company, in the 1990s, had led to losses for Cape Verde as the government had to take on debt that in fuel alone totalled 500 million Cape Verdean escudos (US$5.8 million).

“Around 4 billion escudos of Electra’s debt are also the result of that privatisation process,” said Brito, cited by Cape Verdean news agency Inforpress. (macauhub)