Águas de Portugal borrows money to pay off council water debts

Águas de Portugal already owes the European Investment Bank €1,450 million but has managed to secure another loan of €420 million, nearly half of which will be used to cover the debts of councils which owe money to their source water supplier.

In a move guaranteed to make Portugal’s councils even less likely to pay for their water supplies, while continuing to charge impotent householders often mind-boggling mark-ups, the European Investment Bank will lend money to the Portuguese water group to develop and fix up the country’s leaking water supply system and to build larger waste water treatment plants while council debts will be centralised under a mysterious ‘funding instrument.’

———–

The above content produced by algarvedailynews.com is not intended for commercial use and may not be republished by third parties either wholly or in part unless permission is sought and granted and the source credited.

——————-