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.
