The EDB provides a EUR 17 million loan facility for Electric Networks of Armenia

28 December 2018

Yerevan, 28 December 2018. The 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.

The loan agreement was signed at the EDB’s office in Yerevan. 

Additional Information: 

The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB's charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.

Electric Networks of Armenia (ENA) was incorporated in May 2002 in Yerevan by merging four regional electric power networks: Yerevan Electric Networks, North Electric Networks, South Electric Networks, and Central Electric Networks. In September 2015, the Tashir Group of Companies signed an agreement with Inter RAO Group on the purchase of its electric power assets in Armenia. Since late 2015, Tashir has taken over all obligations to manage ENA. The company holds an exclusive licence to distribute electric power in Armenia at the rates set by the Public Services Regulatory Commission of Armenia.

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