Armenian Finance Minister Vache Gabriyelyan and Asad Alam, the
regional head of the Department for the South Caucasus Region of
Europe and Central Asia of the World Bank, have signed an agreement on
providing Armenia with a credit worth $39 million in Yerevan to
improve electricity security, ARKA reports.
The sum will be used to improve the reliability of high-voltage lines.
The program includes replacement of power lines connecting the Razdan
thermal power plant with the Shinuayr subplant. The second part of the
program concerns technical support.
The credit was issued for 25 years, with the first 10 as a beneficial
period. The rate is a 6-month Libor + variable interest margin. A 25%
payout of the credit is included in the deal.
The Yerevan office head of the WB, Jean-Michel Happi, said that the
total credit sum is $52 million. $13 million will be provided by the
government of Armenia. About 230 km of power lines, 45% of the
infrastructure, will be replaced.
The state enterprise High-Voltage Electricity Lines is a ring
high-voltage line in Armenia with a power of 220/110/330 kW.
