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Armenian parliament ratifies $40 million loan agreement IBRD to strengthen reliability of electricity supplying network

17.12.2014, 17:31
The Armenian parliament has ratified today a $40 million loan agreement signed by the government and the International Bank for Reconstruction and Development (IBRD), which is part of the World Bank Group, on August 6 this year.

Armenian parliament ratifies $40 million loan agreement IBRD to strengthen reliability of electricity supplying network
YEREVAN, December 17. / ARKA /. The Armenian parliament has ratified today a $40 million loan agreement signed by the government and the International Bank for Reconstruction and Development (IBRD), which is part of the World Bank Group, on August 6 this year. 

The money will be lent as additional financing for Electricity Supply Reliability Project, which is aimed at strengthening the reliability of Armenia’s electricity-supplying network. 

The objective of the additional financing is to scale up project activities to enhance the impact of the ongoing Electricity Supply Reliability Project and finance the cost of rehabilitation of three substations essential for Armenia’s power transmission network. 

The money is for the reconstruction of three substations - Hakhtanak, Charentsavan-3 and Vanadzor-1. The reconstruction is scheduled to begin in 2014 and to be completed in 2018. -0—