Energoinvest Records Success Again, 1,000,000 KM Returned to the Federation of BiH Budget

(Patria) - Energoinvest d.d. Sarajevo continues with successful activities in closing multi-year international projects and releasing funds that have been blocked for over 12 years. After preventing multi-million damages and saving over 12 million KM earlier this year, the company is now going a step further, releasing collateral in the amount of 1,000,000 KM, which will be returned to the budget of the Federation of Bosnia and Herzegovina.

The decision to release funds followed a positive opinion from UniCredit Bank and the completion of key phases on the El Milia II 220/60 kV project in Algeria, which is being implemented in cooperation with SONELGAZ (La Société Algérienne de l’Électricité et du Gaz). The funds had been tied up since 2013, as part of collateral obligations defined in the contracts between Energoinvest and the bank, and are now being returned to the budget of the Federation of BiH.

This decision was significantly influenced by the official diplomatic and business visit of the delegation of Bosnia and Herzegovina to Algeria in February of this year, which included the Minister of Energy, Mining and Industry of the Federation of Bosnia and Herzegovina, Vedran Lakić, and the Director of Energoinvest, Mirza Ustamujić. The visit was arranged following an invitation from the then Minister of Energy, Mining and Renewable Energy of Algeria, Mohamed Arkab. The delegation was also received by the Director of the Sonelgaz group, Mourad Adjal, who has been the Minister of Energy, Mining and Renewable Energy of Algeria since September of this year.

“We are very happy and proud of everything we are doing. We found chaos and ruins, incompetence and neglect, and numerous issues that potentially point to acts that should be illuminated by the Prosecutor's Office and courts. Today, we have a situation where we are restoring the trust of everyone, from business partners to citizens and the Government of the Federation of BiH. We are not a hand that asks, but one that gives and spreads prosperity. Through our responsible business operations, we are helping the economy and households, creating stability, and restoring the dignity of Energoinvest. I thank the Government of the Federation of BiH for their support, and by releasing 1,000,000 KM, we are sending a strong message of trust, responsibility, and continuity of successful activities that return funds to citizens and strengthen the economy of the Federation of BiH,” stated Mirza Ustamujić, Director of Energoinvest.

Solely based on issued guarantees, Energoinvest's debt in the observed period for the mentioned projects reached almost 5 million KM, while the total damage in the same period amounts to almost 20 million KM. Today, the Management, together with partners in foreign markets, is successfully closing these projects and releasing part of the collateral, thereby concretely contributing to the return of funds to the budget and citizens of the Federation of BiH.