Thursday, July 27 2017 13:59
Naira Badalian

The government has given the go-ahead for attracting a loan from ADB and the EBRD on the security of ESA shares

The government has given the go-ahead for attracting a loan from ADB and the EBRD on the security of ESA shares

ArmInfo. The Armenian government has allowed Tashir Capital CJSC, to lay shares of ZAO Electric Networks of Armenia for receiving a large loan from the Asian Development Bank (ADB) and the European Bank for Reconstruction and Development (EBRD). The decision on this was approved at a government meeting on July 27. According to the draft decision of the executive body published on the website of the Armenian government, 69.9999594% will be put on bail (172496) of ESA shares.

It should be noted that CJSC Tashir Capital owns 100% of shares of ZAO Electric Networks of Armenia (ESA). Earlier, at a press conference in Yerevan, responding to a question from ArmInfo, Karen Harutyunyan, General Director of the company, said that the total cost of the Armenian power grid's investment program for the next five years will be $ 200 million, of which $ 80 million will be provided by ADB and the same amount by the EBRD.In early July this year. The Board of Directors of ADB approved a credit program providing for the issue of a loan to "Electric Networks of Armenia" in the amount of $ 80 million. The funds will be used to improve distribution networks and increase energy security. Investments will help improve the distribution of electricity in the private sector, reduce losses in the energy system from the current 10% to 8% by 2021. The program will provide an opportunity to improve the state of electricity distribution in Armenia, to reduce energy losses and operating costs.Let us note that on July 3 this year. The company "Electric Networks of Armenia" received an international independent certificate of quality and compliance with the world requirements ISO 9001: 2015.

Certified audit was conducted by the world leader in the field of independent expertise, one of the largest international bodies for the certification of management systems by TUV Rheinland.ZAO Electric Networks of Armenia was established in May 2002 as a result of the merger of four state regional electricity distribution and distribution 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.


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