YEREVAN, January 22. /ARКА/. The National Assembly of Armenia has ratified today a $40 million loan agreement between the government and the International Bank for Reconstruction and Development (IBRD, a World Bank division).
Deputy Minister of Territorial Administration and Infrastructure Kristine Galechyan said that the loan will be used to reconstruct the Shahumyan-2, Marash and Yeghegnadzor substations, which were built in the 1970s.
According to her, the high degree of depreciation of the equipment at these substations is creating great risks in terms of the stability of the power supply. In addition, she noted that there are also difficulties with repairs, since the equipment is already outdated and there are problems with spare parts.
The work is planned to be completed by 2028. The loan repayment period is 28 years, of which 15 years are a grace period.-0-
