YEREVAN, July 3, /ARKA/. The Asian Development Bank (ADB) said it has approved an $80 million loan to Electric Networks of Armenia CJSC (ENA) on 27 June 2017 to help improve electricity distribution and increase energy independence and efficiency in Armenia.
“A more efficient and reliable energy distribution network is important for economic growth in Armenia”, – said Sonali Tang, Senior Investment Specialist at ADB’s Private Sector Operations Department. “The investment program will contribute to the Government of Armenia’s goal of energy independence and energy efficiency. Our partnership with ENA will have a meaningful impact on Armenian people and businesses by improving the reliability of electricity distribution through the proposed investment program”
The investment will help ENA improve private sector electricity distribution in Armenia by reducing distribution losses from around 10% in 2016 to around 8% by 2021. ADB support will allow ENA to improve the quality of the distribution network and services of its multi-site operations across the country, reduce electricity losses and operational expenses, improving technical maintenance and safety conditions, modernizing the metering system, rehabilitating, reinforcing, and augmenting the distribution network, connecting new customers and introducing international standards of management and automated control system.
ENA, a closed joint stock company founded in 2002 following the privatization and merger of four state-owned regional electricity distribution companies, is the licensed distributor of electricity and serves customers Armenia.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, ADB is celebrating 50 years of development partnership in the region. It is owned by 67 members—48 from the region. In 2016, ADB assistance totaled $31.7 billion, including $14 billion in co-financing. -0-
