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Japanese Bank For International Cooperation Demands Explanations OnT

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  • Japanese Bank For International Cooperation Demands Explanations OnT

    JAPANESE BANK FOR INTERNATIONAL COOPERATION DEMANDS EXPLANATIONS ON
    TRANSFER OF SHARES OF ARMENIAN ELECTRIC NETWORKS TO RAO EES RUSSIA

    YEREVAN, AUGUST 16. ARMINFO. Japanese Bank for International
    Cooperation has expressed its displeasure over the uncertainty
    following the transfer of the shares of Armenian Electric Networks
    to RAO EES Russia and demands relevant explanations, says the head of
    the development and foreign relations department of Armenia's energy
    ministry Levon Vardanyan.

    He says that the displeasure was expressed during a JBIC mission's
    recent visit to Yerevan and their meetings with energy and finance
    and economy ministry officials. The concern is quite understandable
    - the Armenian government is puzzled itself as they have not no
    specifications on the deal so far. Meanwhile the owner Midland
    Resources Holding Ltd is obliged to respond to the government's inquiry
    by no later than Aug 17 otherwise Armenian Electric Networks may be
    deprived of license. Vardanyan says that according to the Armenian
    legislation the shares of a copmany cannot be sold or given to a
    third person without a government permission.

    Vardanyan says that during the JBIC mission Yerevan visit the sides
    considered annoucing a new tender for modernizing 33 110 KV power
    sub-stations of Armenia as the JBIC 1999 $30 mln loan has proved
    insufficient with the first tender suspended because no condender
    would obviously do with the above sum. And so JBIC is waiting for
    explanations to know what it will further do in Armenia. The bank's
    biggest program in the country is the $150 mln loan for the underway
    project to modernize the Yerevan Thermal Power Plant.

    Expressing displeasure earlier were also USAID and WB. USAID has
    even threatened to stop its programs in Armenia unless explanations
    are received.
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