Wednesday, 17 June 2009
RA Prime Minister Tigran Sargsyan traveled to the Government House of Receptions to attend a large credit agreement signing ceremony.
A number of electrical grid modernization and refurbishment-related instruments have been signed by INTER RAO EES, Armenian Electric Networks CJSC, EBRD and Foreign Trade and Development Bank SC representatives.
Due to Armenian Electric Networks CJSC, the new credit resource which makes euro 64.5 million, will be used to refurbish the company and modernize infrastructures, increase efficiency in the use of electric energy, reduce losses, promote integration with CIS States power supply systems. It is noteworthy that this largest-ever deal is carried out without a State guarantee.
Highly appreciative of the loan agreement, Prime Minister Tigran Sargsyan said: “I wish to compliment all those present on the signing of the agreement. This credit agreement is of twofold relevance to us. Firstly, because it is one of the biggest deals in Armenian banking system’s history with a total budget of about euro 64m: over a period of two years, the proceeds of the loan will be spent on electric grid rehabilitation purposes throughout the country. And secondly, the money is being invested at a complicated for Armenia’s economy moment, amidst the global crisis, and is supposed to have a positive impact on both the economy and the social sector. Therefore, we welcome this crucial undertaking. I am hopeful that all those tasks set before the home power distribution networks will be met as early as possible. Another important factor to note is that the credit will have no impact on prices, and interest will be paid from profit,” the head of government said.
