Company News Sep 6, 2021 5:16 PM
EPM is submitting a request for authorization to start external borrowing to the Ministry of Finance (MinHacienda).
The company is requesting an amount of up to US$890M and the authorization to contract treasury credits of up to CoP$1.5T, La Republica reported.
“An authorization resolution to develop external public debt management operations was obtained, consisting in the execution of foreign exchange risk hedging operations on the amortization flows of the IDB Invest loan. These operations will be developed to the extent that the financial market conditions are considered relevant by EPM,” the company explained.
EPM added that it was aware of the need for an ad hoc appointment of a Minister of Finance for these two procedures, which was formalized in Decree 1015 on August 27, 2021, where the current Minister of Agriculture and Rural Development, Rodolfo Enrique Zea Navarro, was appointed.
Bottom-Line: EPM needs large amounts of money to continue advancing in the recovery of Hidroituango. Ah, the company will need more resources, in case it does not reach an agreement with the Antioquia Governor’s Office on this important project.