Israel Electric Corp. Seeks to Raise NIS 1 Billion, Nets Only NIS 738 Million

So far this year, the IEC has raised NIS 6.9 billion with such guarantees, in line with agreements with the Finance Ministry to back fuel purchases, but not bonds related to debt recycling or other needs.

The Israel Electric Corporation is battling mountains of debt and recently discovered a NIS 1.4 billion accounting error, which puts it even deeper in the red. This has forced the government to increase its guarantees for the company this year to NIS 1 billion.