Armenian government approves $40m energy transition loan agreement with World Bank

|

USD

384.44

EUR

434.11

RUB

4.8278

GEL

140.51

Economy

12.09.2024, 13:20

The Armenian government has approved a $40 million loan agreement with the International Bank for Reconstruction and Development (IBRD)

Armenian government approves $40m energy transition loan agreement with World Bank

YEREVAN, September 12. /ARKA/. The Armenian government has approved a $40 million loan agreement with the International Bank for Reconstruction and Development (IBRD), a World Bank entity, to support the country’s energy transition program. The agreement, signed in August 2024, will finance the reconstruction of key substations, including Shamyan-2 (220/110/10 kV), Marash (220/110/10 kV), and Yeghegnadzor (220/110/35 kV).

The upgrades aim to modernize Armenia's energy infrastructure, introduce advanced technologies, and reduce the frequency and duration of outages caused by equipment failures, thereby enhancing the reliability and resilience of the national power system.

Size of Armenia's 'shadow' economy estimated to be equal to 20% of GDP - head of SRC

The size of Armenia's 'shadow' economy is estimated currently to be equal to 20% of the country's gross domestic product, the chairman of the State Revenue Committee (SRC) Eduard Hakobyan revealed today.

22.05.2025 17:12

No Criminal Charges for Income Declaration Violators

At the moment, about 57 thousand citizens have filled out income declarations, of which 23 thousand received social loans in the amount of more than 2 billion drams, said the head of the State Revenue Committee of the republic Eduard Hakobyan.

22.05.2025 15:45

Armenia is ready to support cognac producers amid unresolved problems with exports via Georgia – Minister

The Armenian government is currently developing programs to support domestic cognac producers, which should ensure uninterrupted purchases of grapes in September-October of this year, said the Minister of Economy Gevorg Papoyan.

22.05.2025 15:08

Armenia reveals 84 billion drams of "shadow" turnover in 4 months, 146% growth

In January-April 2025, Armenia revealed 84 billion drams of "shadow" turnover, 146% growth compared to the same period in 2024, said Eduard Hakobyan, head of the State Revenue Committee.

22.05.2025 14:38

Armenian government introduces a visa-free regime for citizens of Bahrain, Saudi Arabia and Oman

On Thursday, at a regular meeting, the Armenian government decided to establish a visa-free regime for entry into the republic for citizens of Bahrain, Saudi Arabia and Oman.

22.05.2025 13:35

Construction progress of the World Trade Center in Yerevan discussed at Government

A meeting held in the government on Wednesday, chaired by Prime Minister Nikol Pashinyan, discussed the progress of the World Trade Center construction project in Yerevan.

22.05.2025 10:07

Armenia's GDP up 5.2% to 2.1 trillion drams in Q1 - official statistics

Armenia's gross domestic product (GDP) in the first quarter of 2025 recorded a 5.2% growth compared to January-March 2024, according to the National Statistical Committee (NSC).

21.05.2025 19:07

Russia's trade turnover with Armenia reached a record $1.6 billion in 2024 - Lavrov

Russia's trade turnover with Armenia last year amounted to $1.6 billion, impressive results were achieved, said Russian Foreign Minister Sergey Lavrov, calling this figure a record.

21.05.2025 13:40