Palestinian Authority to return 500 million NIS to Israel Electric Corporation

Tomorrow, after years of disputes, Israeli Finance Minister Moshe Kahlon and the Palestinian Authority will sign a historical agreement that will end the conflict between the Palestinian Authority and Israel Electric Corporation. The Palestinian Authority will repay 500 million NIS it owes Israel and will also take responsibility for all future debt it creates.
Photo Credit: Channel 2 News

For many years, the Palestinian Authority (PA) has owed the Israel Electric Corporation (IEC) a debt of hundreds of millions of NIS, which has led to sanctions, threats and even financial embargos. However, beginning tomorrow (Tuesday), the matter should substantially improve as a result of an agreement that will be signed between the PA and Israeli Finance Minister Moshe Kahlon.

According to the agreement, the PA will be held accountable for its current debt and will transfer 500 million NIS to Israel. Furthermore, it will take responsibility for all future debt and will take full control over its power lines, which means that it will provide power to Palestinian residents and will be responsible for collecting residents’ money in order to do so.

As of now, the IEC provides electricity to the PA.

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