Armenia’s Public Services Regulatory Commission approves Asian Development Bank's $13.6-million loan for Power Supply Operator
18.03.2015,
16:36
Armenia's Public Services Regulatory Commission approved extention of a $13.6-million loan by Asian Development Bank to Power Supply Operator CJSC for reconstruction of power supply network.
YEREVAN, March 18. /ARKA/. Armenia's Public Services Regulatory Commission approved extension of a $13.6-million loan by Asian Development Bank to Power Supply Operator CJSC for reconstruction of power supply network. On September 5, 2014, Armenia signed a loan agreement with Asian Development Bank for reconstruction of the power supply network.
It was mentioned earlier that the project will also make it possible to reduce losses in electric power lines, to increase substations' capacity and to improve power supply quality in urban and rural communities. --0----
For implementation of the whole program about $37 million is planned to be lent to Armenia for 25 years with a five-year grace period at a 2% annual interest rate.
Another agreement has been signed also with High-Voltage Electric Networks under the same program.
Abgar Budaghyan, chief of the Public Services Regulatory Commission's unit in charge of monitoring of licensed activities and investment programs, said the mentioned 13.6 million will be provided to the Power Supply Operator for making changes in the whole system.
He said that these financial resources will help the company in improvement of technical regulation of the system.
The credit program that is being implemented by Power Supply Operator CJSC and High-Voltage Electric Networks will contribute to enhancement of the technical security of the country and reliability of power supply to consumers.
It was mentioned earlier that the project will also make it possible to reduce losses in electric power lines, to increase substations' capacity and to improve power supply quality in urban and rural communities. --0----
