EDB discusses and implements number of energy projects in Armenia -  Head of Bank

ArmInfo. The Eurasian Development Bank discusses and implements a number of energy projects  in Armenia. Nikolai Podguzov, Chairman of the EDB Management Board stated on May 15 in Almaty on the sidelines of a conference of investors-members of the Association of Development Financing  Institutions in Asia and the Pacific (ADFIAP)in an interview with journalists in response to a question about the Bank's infrastructure projects in the Republic of Armenia.

In particular, according to him, the Bank's attention is focused on  the project to modernize the Hrazdan TPP. "There are projects in  Armenia, and we will maintain the momentum," the head of the EDB  stressed, adding that these are projects for this and next year. In  this vein, he emphasized that these are close plans for the  development institute.

To clarify whether the Bank plans to participate in the project to  build a new nuclear power plant in Armenia, Podguzov noted that he  does not remember EDB speaking out on this issue. In this vein, he  recalled that the EDB has projects in the Republic of Armenia to  modernize electrical networks, but there is nothing of the kind for a  nuclear power plant.

In turn, Deputy Chairman of the Board of the Eurasian Development  Bank Denis Ilyin noted that work is underway with the Tashir Group of  Companies on the modernization project of the Hrazdan Thermal Power  Plant, more detailed information about which will be provided later.  "I hope that in early June we will sign the document, and then it  will be possible to talk in more detail," the Bank's representative  said, adding that the EDB plans to implement two more projects in the  energy sector in Armenia, including a program to modernize the  country's electricity networks and a project to build 11 solar power  plants.

At the same time, he said that the project with the Zangezur  copper-molybdenum project is still being postponed, since the past  year was quite favorable for the plant, and the Bank decided to  refrain from external financing for the time being.

At the same time, Ilyin informed that, in general, the EDB plans to  implement three projects worth $100 million in Armenia this year,  without specifying which ones.

In August last year, the EDB signed three loan agreements with  Armenia, according to which $25 million was allocated for the  creation of a modern livestock complex of Yeremyan Farm CJSC, $37  million for the construction of 11 solar power plants and $30 million  for implementation of international management standards and  automated accounting systems of "Electric Networks of Armenia" CJSC.

As for the modernization project of the Hrazdan TPP, as Tigran  Martirosyan, chief engineer of the plant, previously reported, it is  planned to install a new gas generator at the TPP, leaving four old  ones in reserve. The purchase of a new gas turbine will require about  50 million euros, and the installation - about 10 million euros.