Add us as your preferred source on Google to see more of our content in Search.
Add to Preferred SourcesThe Eurasian Development Bank (EDB) and Electric Networks of Armenia (ENA) signed a loan agreement to refinance ENA’s current loans and finance its current operations. The agreement was signed by Vsevolod Smakov, Manager of Project Block 1 at the EDB, and Karen Harutyunyan, Director of ENA.
The Bank agreed to provide a revolving loan facility to refinance ENA’s current loans and finance its current operations.
In addition to the loan facility, the Bank is negotiating with ENA and other international financial institutions (EBRD, ADB, IFC) the arrangement in 2019 of a long-term credit package to finance ENA’s future investment programme until 2027, which aims to modernise its distribution networks and substations, connect new consumers, replace and install electricity meters, and introduce an automated metering system, a management information system and global management standards (ISO). The Bank is expected to contribute US $40 million to the investment programme.
The project will ensure uninterrupted supplies and distribution of electric power in Armenia. It is also expected to contribute to Armenia’s sustainable economic growth, help to maintain employment, and ensure stable electricity supplies to consumers.
Original source: EDB
Published on 28 December 2018