Wed, 11 June
28.1 C
Yerevan
USD: 384.44 RUB: 4.83 EUR: 434.11 GEL: 140.51 GBP: 515.15

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-

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Ranking of Armenia’s most profitable banks in 2024

ARKA news agency has released a ranking of the most profitable commercial banks in Armenia in 2024.

Arka news agency’s ranking of most profitable Armenian banks in 2019

In 2019, Armenia-based commercial banks earned a total of 78.8 billion drams in net profit, up from 56.4 billion drams they had earned in 2018, according to ARKA news agency's ranking of the most profitable commercial banks in the fourth quarter of 2019

Average AMD/USD exchange rate in March was 1.9% lower than a year ago

In March 2025, the average AMD/USD exchange rate was 392.8, which is 1.9% lower than in March 2024 (400.4 AMD), the National Statistical Committee reports.

LATEST NEWS

spot_imgspot_imgspot_img