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| 17:27:03 | 08-07-2005 | Social |

WHAT IS THIS?

The World Bank tries to find out what is going on around the company
`Armenian Electricity Supply Network’. The head of the Yerevan office of the
Bank Roger Robinson mentioned in the press conference today that the
Armenian Government has made no announcement which would highlight the
information about the purchase of the company `Armenian Electricity Supply
Network’ by the daughter company of the Russian `United Electricity Systems’
`RAO EES’.

He reminded that the sale of more than 25% of the stock of the company must
be privileged by the Government and the Committee regulating the social
services.

`The distributing electricity network is one of the most profitable fields
in Armenia which has strategic meaning for all the Armenians and I find it
extremely necessary that the events connected with it be announced fairly
and transparently’, said Roger Robinson.

The head of the Yerevan office of the World Bank said that he intends to
spend the coming week in the Armenian Government and find everything out. By
the way, today the World Bank Directors Council approved the project of
allotting 20 million dollars of credit to Armenia.

The sum will be allotted for 40 years.