Lao Power Company Deep in Debt, But Managers Live Well

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Lao electric power provider Electricite du Laos is deep in debt, owing at least $2 billion to foreign creditors, mainly Chinese and Thai. Meanwhile, EDL managers still live well, in some cases amassing large personal fortunes, sources say.
“Electricite du Laos owes foreigners around $2 billion, not including payments on interest,” an official of the Lao government’s Ministry of Energy and Mines told RFA’s Lao Service, speaking on condition of anonymity.
Another source close to a high-ranking official at EDL said however that the power company’s debt “is much more than $2 billion now.”
According to sources familiar with the problem, no transparency or checks or balances exist in EDL’s bidding process, resulting in higher-than-usual project costs and unmanageable levels of interest and debt.

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