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HCB Disburses 72% of Income to Government Coffers

HCB Disburses 72% of Income to Government Coffers

The Government has changed the consignment fees for Hidroeléctrica de Cahora Bassa (HCB), a Mozambican public company, an act that aims to update the beneficiary institutions, including the declaration made for the National Energy Fund (FUNAE) and the Energy Regulatory Authority (ARENE).

The revision was decided during the 20th ordinary session of the Council of Ministers, held this Tuesday, June 13, in Maputo.

Thus, the Executive appreciated and approved the decree that revises the regime of consignment of the value of the HCB concession fees, foreseen in Decree nr. 3/2009, of March 23.

Speaking at the end of the session, Government spokesman Filimão Suaze explained that the revision does not change the nominal value currently consigned.

“The measure covers part of the fees for the Development Agencies, so that it increases revenues for the Public Treasury,” Filimão Suaze maintained.

According to the spokesman, who is also Deputy Minister of Justice, Constitutional and Religious Affairs, with the revision, the State Budget will receive a total of 72% of the HCB revenues. “Of the remaining 28%, 25% is destined to FUNAE, 1% to ARENE, and 2% to the development agencies,” he stressed.

Previously, the value of the HCB concession was shared in 60% for the State coffers, 35% for FUNAE, 2.5% for the extinct Zambezi Development Plan Office (GPZ) and 2.5% also for the extinct National Electricity Council (CNELEC), today ARENE.

“The same decree established that the remaining 2.5% of the National Electricity Council would revert to the State Budget. However, by decree 23/2010, of June 30, GPZ was extinguished and […] ARENE was created,” Suaze said.

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