Mon, 8 September
24.1 C
Yerevan
USD: 384.03 RUB: 4.80 EUR: 443.29 GEL: 142.29 GBP: 510.11

Armenia to receive $40m loan from IBRD for reconstruction of three substations

YEREVAN, 1 August. /ARKA/. Armenia will receive $40 million from the International Bank for Reconstruction and Development (IBRD, a division of the WB) for the reconstruction of three power substations.

The Armenian government approved today at a session on Thursday a proposal to sign a corresponding loan agreement within the framework of the “Programme for Ensuring Armenia’s Energy Transition”.

The loan will be directed to the reconstruction of Shahumyan-2, Marash and Yeghegnadzor substations.

The equipment at these power facilities has been in operation for more than 40 years, which requires its replacement. In particular, it is planned to replace relay protection with modern microprocessor relays, to carry out rehabilitation and construction work on reinforced concrete structures, trenches and earth supports.

The loan repayment period is 25 years, of which 15 years is a grace period. The annual interest rate is 6-month SOFR + floating spread (it was 5.39 per cent+1.45 per cent in July 2024), the government said in a statement. 

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Cryptocurrency in Armenia: Stringent Regulations and Elevated Expectations

The future of cryptocurrencies in Armenia was a topic of discussion among participants at the Armenian Cryptocurrency Assets Forum, which recently took place in Yerevan.

“We want the word ‘investor’ in Armenia to mean normality, not elitism” – Freedom Broker Armenia

ARKA news agency spoke with Freedom Broker Armenia Director Ovak Ovakimian about the transformation of investment thinking, company strategy and trust as an economic value.

ArCa payment system reinstated

The Armenian Card (ArCa) payment system has been completely reinstated, according to a report from the company's press service.

Ranking of most profitable banks in Armenia based on results of first quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the first quarter of 2025.

LATEST NEWS

spot_imgspot_imgspot_img