The Board of Directors of the World Bank in May can decide to provide a loan of US$20 million to Moldova for restructuring the centralized heating system of Chisinau municipality. “There are all the chances for this to happen,” Deputy Prime Minister and Minister of Economy Valeriu Lazar said in a program on Radio Moldova, IPN reports.

According to the official, it is important to register by May the new enterprise SA “Termoelectrica”, which will be created by merging the joint stock companies CET-1, CET-2 and “Termocom”. “It’s true that this loan will not be provided in as favorable conditions as those of the International Development Agency. But the conditions will be anyway good,” said Valeriu Lazar.

The general assemblies of shareholders of CET-1 and CET-2 earlier this week approved the merger decision and the documents for founding the new enterprise that will continue to produce, distribute and supply heat to end-users in Chisinau municipality. The next step is the approval of the merger decision by the shareholders of SA “Termocom”. If by December 31, 2013 there is no certainty that the reorganization of SA Termocom will be finished, the company’s creditors will have to right to ask for its juridical liquidation.

The reorganization of the thermoelectric system of Chisinau municipality was initiated with a view to attracting investments to the new enterprise so as to reduce the losses. Another goal is to clear the debt of 2.5 billion lei owed by SA Termocom to its suppliers CET-1 and CET-2 and to the Russian natural gas supplier.