Saturday, December 15 2018 14:21

ArmInfo. "Electric Networks of Armenia" CJSC took part in the Asian Development Bank (ADB) event in Manila.

As reported by the press service of ''Electric Networks of Armenia'',  during the event, the company's general director Karen Harutyunyan  presented the implementation of the 10-year investment program, as  well as development prospects for the coming years. He focused on the  role of ADB and other financial structures in the matter of creating  a more efficient and reliable electrical distribution network that  would contribute to the country's economic growth.

In turn, the head of the investment programs of ADB Narine Avetisyan  noted that ''Electric Networks of Armenia'' CJSC has a strategic  importance in the field of electric power industry, which should  solve the most important tasks and goals. "Our cooperation will  assist ''Electric Networks of Armenia'' in the implementation of the  investment program," she said.

To note,  the Asian Development Bank (ADB), headquartered in Manila,  was founded in 1966 with a view to reducing poverty in the  Asia-Pacific  region, through inclusive economic and environmentally  sustainable  growth, as well as regional integration. 67 countries  are represented  in the ADB, incl. 48 countries of the Asia-Pacific  region.

To recall, the group of companies Tashir, headed by a large Russian  businessman of Armenian origin Samvel Karapetyan and Inter RAO,  signed an agreement on the purchase and sale of electricity assets of  the Russian energy holding in the Republic of Armenia - Electric  Networks of Armenia and Hrazdan Thermal Power Plant on September 30,  2015.

''Electric Networks of Armenia'' CJSC was established in May 2002 as   a result of the merge of four state regional electricity distribution   and sale companies:  Yerevan Electric Networks, Northern Electric    Networks, Southern Electric Networks and Central Electric Networks.   The main activity of the company is the regulated distribution and   sale of electricity. The total length of the networks is 36 thousand   km. The company serves about 985 000 consumers. CJSC "Electric  Networks of Armenia" has an exclusive license for transmission and   distribution of electricity in the territory of the Republic of   Armenia at guaranteed tariffs, calculated on the basis of the   company's costs and a regulated rate of return on investment.

Earlier ArmInfo reported that the chairman of the board of the  Eurasian Development Bank Andrey Belyaninov, answering the question  of ArmInfo correspondent, stated that in the near future it is  planned to sign a loan agreement on the provision of $ 100 million to  Electric Networks of Armenia CJSC. Asian Development Bank (ADB) and  European Bank for Reconstruction and Development (EBRD).  Later, at a  press conference in Yerevan, answering the question of ArmInfo, Karen  Harutyunyan, General Director of Electric Networks of Armenia CJSC,  reported that funds would be raised to a private company without  state guarantees, which is unprecedented for Armenia. Attracted  resources will not affect the credit burden of the company. In turn,  Karen Darbinyan, Chairman of the Board of Directors of "Electric  Networks of Armenia" CJSC, emphasized that in parallel with the  investment program until 2020, a new program was developed until  2028. The implementation of the 10-year program will provide an  opportunity to reconstruct and modernize electrical equipment, whose  age is estimated at 50 years or more.