Eurasian Development Bank to provide ENA with $100 million for major reconstruction
31.10.2017,
17:17
The Moscow-based Eurasian Development Bank (EDB), the Tashir group of companies and the Electric Networks of Armenia (ENA) signed a memorandum of intention today in on the sidelines of the XII international conference ‘Eurasian Integration’, conducted by the EDB.
MOSCOW, October 31. /ARKA/. The Moscow-based Eurasian Development Bank (EDB), the Tashir group of companies and the Electric Networks of Armenia (ENA) signed a memorandum of intention today in on the sidelines of the XII international conference ‘Eurasian Integration’, conducted by the EDB.
The document was signed by Deputy Chairman of EDB Board Konstantin Limitovsky, Vice-President of Tashir group of companies Karen Darbinyan and Electric Networks of Armenia CEO Karen Harutyunyan.
According to the agreement, EDB will release a loan to the tune of $100 million to the Electric Networks of Armenia (owned by Tashir), which will be used for the reconstruction and construction of new distribution networks and substations, connection of new consumers to the network, replacement and installation of electricity meters, introduction of an automated system of commercial metering of electricity, an automated management system (MIS) and ISO international management standards.
Konstantin Limitovsky told ARKA news agency that energy is one of the priority areas of EDB’s investment activity. He said the loan will be provided with a repayment term of 10 years. Karen Darbinyan noted that after the acquisition of ENA Tashir approved a development program for the utility up to 2021 worth $200 million.
"A $500 million program is currently being prepared for approval. All this money will be invested in the re-equipment of the Electric Networks of Armenia," he said, adding that the approval is expected on November 15.
Darbinyan also said the utility will seek funding from the Eurasian Development Bank, the EBRD and the ADB to carry out this program.
The ENA is owned by Tashir Capital, a division of Tashir group of companies, owned by a Russia-based businessman of Armenian origin Samvel Karapetyan. -0-
The document was signed by Deputy Chairman of EDB Board Konstantin Limitovsky, Vice-President of Tashir group of companies Karen Darbinyan and Electric Networks of Armenia CEO Karen Harutyunyan.
According to the agreement, EDB will release a loan to the tune of $100 million to the Electric Networks of Armenia (owned by Tashir), which will be used for the reconstruction and construction of new distribution networks and substations, connection of new consumers to the network, replacement and installation of electricity meters, introduction of an automated system of commercial metering of electricity, an automated management system (MIS) and ISO international management standards.
Konstantin Limitovsky told ARKA news agency that energy is one of the priority areas of EDB’s investment activity. He said the loan will be provided with a repayment term of 10 years. Karen Darbinyan noted that after the acquisition of ENA Tashir approved a development program for the utility up to 2021 worth $200 million.
"A $500 million program is currently being prepared for approval. All this money will be invested in the re-equipment of the Electric Networks of Armenia," he said, adding that the approval is expected on November 15.
Darbinyan also said the utility will seek funding from the Eurasian Development Bank, the EBRD and the ADB to carry out this program.
The ENA is owned by Tashir Capital, a division of Tashir group of companies, owned by a Russia-based businessman of Armenian origin Samvel Karapetyan. -0-
