ArmInfo. RA Minister of Energy Infrastructures and Natural Resources Arthur Grigoryan received the director of the Armenian representation of the Asian Development Bank (ADB), Shane Rosenthal, on June 5.
According to the press service of the Ministry of Energy Infrastructures and Natural Resources of the Republic of Armenia, the meeting discussed the programs implemented with the assistance of ADB and possible prospects for further cooperation.
Artur Grigoryan stressed the importance of the Bank's assistance in the direction of reforming the sphere. He expressed his conviction that every year the existing relations with ADB in the energy sector will deepen.
The interlocutors discussed issues related to a number of programs. In particular, the speech at the meeting was about a large-scale program of modernization of the "Electric Networks of Armenia", the management efficiency of "High Voltage Networks" and their technical re-equipment.
Shane Rosenthal reported on the readiness of ADB to assist the Armenian economy and energy development programs.
In July 2018, the Board of Directors of the Asian Development Bank approved a credit program providing for the issuance of a loan to Electric Networks of Armenia in the amount of $ 80 million. The credit resources will be directed to the company's implementation of its five-year investment program worth $ 200 million.
The program will provide an opportunity to improve the state of electricity distribution in Armenia, reduce losses, improve maintenance and security conditions, strengthen and expand the distribution network, connect to the network of new customers, increase the level of maintenance and security, and implement international management standards and an automated control system.
Also, since June last year, Armenia started the work on the modernization of the electric substations "Agarak-2" and "Shinoir", which are on the balance of "High-voltage networks of Armenia". The project is implemented with the financial assistance of the Asian Development Bank. The total cost of the program is $ 31.9 million. Chinese companies Liaoning-EFACEC Electrical Equipment Co. LTD and Northeast China International Electric Power Corporation carry out modernization.