Palestinian Authority makes first payment of NIS 590 million in electricity debt settlement
The Palestinian Authority paid the Israel Electric Corporation (IEC) NIS 590 million on Sunday, the first payment in the debt settlement agreement signed two weeks ago.
As part of the agreement, the electrical grid in the Palestinian Authority will be under Palestinian responsibility. This will be done as part of a new body that will buy electricity from the IEC exclusively and ensure payment for the Palestinian residents' electricity consumption.
Also as part of the agreement, a debt of some NIS 500 million was forgiven, out of the total of NIS 2 billion the Palestinians owe.
