Mali's State Energy Company looks to restructure $989 million debt.

Energy du Mali SA, the state energy company of Mali, is in talks with banks to restructure its 600 billion CFA franc ($989 million) debt.

Mali continues to experience incessant power cuts across the country's major cities affecting businesses and key economic activities. The country's energy structure currently relies on electricity from hydraulic power stations and dams to meet its energy needs. The lack of investment in new energy infrastructure has made it difficult for the nation as it faces its energy crisis.

The energy company mainly runs on thermal units and, with its increasing production cost and high oil prices, sells electricity at a loss to alleviate any economic pain on the citizens, leading to a growing debt of around 600 billion CFA francs (some 915 million euros), from the inability to pay its supplier.

The government is now in talks with lenders to restructure the debt over a longer period with a period of grace.