Palestinians pay Israel's electric company NIS 590 million

The Palestinian Authority transferred NIS 590 million ($156 million) to the Israel Electric Corporation to cover part of a longstanding debt.

The IEC reported that it received the money on Sunday, as part of a deal signed last month to resolve the Palestinians’ outstanding debt to the IEC of almost NIS 2 billion ($530 million).

That agreement was signed by the head of the IDF’s coordinator of activities in the territories, COGAT, Maj. Gen. Yoav Mordechai, Palestinian Minister of Civil Affairs Hussein al-Sheikh, Israel’s Finance Minister Moshe Kahlon and Treasury Director-General Shai Babad.

The agreement provides for further payments to be made in installments, with a portion of the debt — possibly interest accrued over the years — likely to be waived.

Source: timesofisrael

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