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ARMENIAN PARLIAMENT APPROVES $37 MILLION LOAN AGREEMENT WITH ADB FOR REHABILITATION OF ELECTRICITY TRANSMISSION SYSTEM
YEREVAN, December 17. / ARKA /. The parliament of Armenia has
approved today a loan agreement signed September 5 with the Asian
Development Bank (ADB). The $37 million loan is expected to help
Armenia rehabilitate its electricity transmission system. The loan
will be granted from ADB's special concessional fund, according to
Manila-based bank.
Earlier Armenian energy and natural resources minister Yervand
Zakarian said the loan will be used to modernize the SCADA control
and data acquisition system and to rehabilitate Agarak-2 and Shuniayr
substations.
The reconstruction work will begin in January 2015 and end in 2019.
The loan repayment period is 25 years, with a five-year grace period
and an interest rate of 2% per annum.
The loan program will be implemented by High-Voltage Electrical
Networks and Electricity System operator companies which also signed
relating agreements with the Asian Development Bank.
According to the ADB, "the loan is designed to help Armenia make a
major overhaul of its electricity transmission system inherited from
the Soviet era, including the expansion of the management and sharing
of data and modernization of two high-voltage substations."
The project is supposed also to reduce losses in transmission lines,
to increase the capacity of substations and improve the quality and
reliability of power supply in urban and rural communities, which,
in turn, is beneficial in both economic and social aspects.
Armenia joined the ADB in 2005. As of 2014 April it had invested $133
million in Armenia's private sector. -0-
http://arka.am/en/news/business/armenian_parliament_approves_37_million_loan_agree ment_with_adb_for_rehabilitation_of_electricity_tr/#sthash.qXotJwhN.dpuf
From: A. Papazian
YEREVAN, December 17. / ARKA /. The parliament of Armenia has
approved today a loan agreement signed September 5 with the Asian
Development Bank (ADB). The $37 million loan is expected to help
Armenia rehabilitate its electricity transmission system. The loan
will be granted from ADB's special concessional fund, according to
Manila-based bank.
Earlier Armenian energy and natural resources minister Yervand
Zakarian said the loan will be used to modernize the SCADA control
and data acquisition system and to rehabilitate Agarak-2 and Shuniayr
substations.
The reconstruction work will begin in January 2015 and end in 2019.
The loan repayment period is 25 years, with a five-year grace period
and an interest rate of 2% per annum.
The loan program will be implemented by High-Voltage Electrical
Networks and Electricity System operator companies which also signed
relating agreements with the Asian Development Bank.
According to the ADB, "the loan is designed to help Armenia make a
major overhaul of its electricity transmission system inherited from
the Soviet era, including the expansion of the management and sharing
of data and modernization of two high-voltage substations."
The project is supposed also to reduce losses in transmission lines,
to increase the capacity of substations and improve the quality and
reliability of power supply in urban and rural communities, which,
in turn, is beneficial in both economic and social aspects.
Armenia joined the ADB in 2005. As of 2014 April it had invested $133
million in Armenia's private sector. -0-
http://arka.am/en/news/business/armenian_parliament_approves_37_million_loan_agree ment_with_adb_for_rehabilitation_of_electricity_tr/#sthash.qXotJwhN.dpuf
From: A. Papazian