Company News Aug 31, 2021 4:16 PM
The Ministry of Finance (MinHacienda) announced that EPM has asked the government for two credit authorizations.
The first of these (treasury credits), for 2021, is up to US$1.52T, Valora Analitik reported.
Second, EPM requested authorization to initiate external public credit operations for up to US$890M.
The request was filed before the MinHacienda and reported by the same office through decree 1015 of August 27th, 2021.
The government also authorized an ad hoc minister for the process, considering that the Minister of Finance, José Manuel Restrepo, has a conflict of interest in this issue.
The regulation states that the Minister of Agriculture, Rodolfo Zea, will assume functions as Minister of Finance to authorize EPM to go for the loans.
Bottom-Line: EPM needs resources to advance in the recovery of Hidroituango and put this facility into operation as soon as possible. These resources could also be useful, in case no agreement is reached with the Governor of Antioquia on this project.