The EDB and Tashir Group start cooperation in the EAEU+: the Bank to finance the implementation of international management standards and automated metering systems in Armenia
Yerevan, 4 August 2022. The Eurasian Development Bank (EDB) and Tashir Group entered into a cooperation agreement, signed by Nikolai Podguzov, Chairman of the EDB Management Board, and Narek Karapetyan, First Vice President of Tashir Group. The parties have agreed to develop cooperation in the EAEU+ in metallurgy, telecommunications, energy and other sectors.
They have also agreed that the Bank will finance infrastructure modernisation and the manufacture of metering devices as part of a programme to implement international management standards and automated metering systems in Armenia. The EDB will allocate US $30 million for this purpose under a loan agreement.
The signings took place during the Bank’s visit to Tashir Group’s site in Yerevan, where automated metering systems are manufactured
The EDB-funded implementation of automated metering systems is an important step that will help to significantly reduce electricity losses and improve energy efficiency. The project will boost production capacity to 100,000 units per year and create up to 300 jobs.
“According to our strategy in Armenia, the EDB focuses on projects that modernise the country’s energy system, including generation facilities and grid infrastructure. The project with Tashir Group will help to significantly improve energy efficiency at the national level.It is important for us, as an EAEU+ economic integration institution, that the project involves component suppliers from other EAEU countries,” said Nikolai Podguzov, Chairman of the EDB Management Board.
Additional Information:
The Eurasian Development Bank (EDB) is an international financial institution investing in Eurasia. For 15 years, the Bank has worked to strengthen and broaden economic ties and foster comprehensive development in its member countries – Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, Russia, and Tajikistan. The EDB's charter capital totals US $7 billion. Its portfolio mainly consists of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing, and mechanical engineering. The Bank’s operations are guided by the UN Sustainable Development Goals and ESG principles.