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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.
Vinh Long and Nam Dinh have new Party Chiefs Chia sẻ | FaceBookTwitter Email Copy Link Copy link bài viết thành công
08/05/2021 08:08 GMT+7
The Politburo has appointed Mr. Bui Van Nghiem and Mr. Pham Gia Tuc as the Party Secretaries of Vinh Long and Nam Dinh provinces.
Authorized by the Politburo, Deputy Head of the Central Organization Commission of the Communist Party of Vietnam Hoang Dang Quang on May 7 handed over the decision to appoint Mr. Bui Van Nghiem, Standing Deputy Secretary of the Party Committee and Chairman of the People s Council of the southern province of Vinh Long, as Secretary of the Provincial Party Committee for the 2020-2025 term.