ENA interim manager  presents company`s current situation to  representatives from international financial institutions

ArmInfo. On September 22, Romanos Petrosyan, Acting Head of Electric Networks of Armenia (ENA), received representatives from several international  financial institutions, such as the European Bank for Reconstruction  and Development, the Asian Development Bank, and the International  Finance Corporation. 

According to the company's press service, at the beginning of the  meeting, Petrosyan presented the full basis for the administrative  proceedings initiated by the Public Services Regulatory Commission  (PSRC).  He also outlined the preventive measures being taken and the  timeframe and sequencing of current and upcoming processes. During  the discussion, the international partners asked questions regarding  their ongoing cooperation, emphasizing the significance of ensuring  its continued effectiveness with ENA.  Petrosyan assured that, within  the framework of the administrative proceedings initiated and in  accordance with the powers granted to him by law, all necessary steps  are being taken and will be taken to further strengthen cooperation  with the aforementioned international financial institutions.

It should be noted that this meeting was not random. Previously,  credit resources from these financial institutions were attracted to  implement the 10-year ENA investment program, which was part of the  Tashir Group of Companies. Specifically, a syndicated loan from the  European Bank for Reconstruction and Development, the Asian  Development Bank, and the IFC totaling $160 million was secured. The  Eurasian Development Bank provided an additional $17 million. It is  reasonable to assume that investors were alarmed by the company's was  nationalization, and  the possibility of recouping the funds already  provided.