ARMENIA IS HOLDING NEGOTIATIONS WITH WORLD BANK TO ATTRACT CREDIT FOR CONSTRUCTION OF LORI-BERD HPP

ArmInfo
2009-01-30 12:11:00

ArmInfo. Armenia is holding negotiations with the World Bank to
attract credit for construction of Lori-Berd HPP, Minister of Energy
and Natural Resources Armen Movsisyan said during the annual report
in the government on Friday. He also said that development of own
renewable energy sources in the republic is a top- priority task of the
Ministry. However, it failed to find financial assets for the project
implementation because of the global financial and economic crisis.

According to the preliminary assessments in 2006, the capacity of
Lori-Berd HPP will make up 65 MW. The cost of the project was assessed
of 80 mln Euro that time. To recall, KfW German Bank earlier claimed of
its intention to take part in the project and agreed to allocate about
12 mln Euro for this purpose. The government of Australia, the European
Bank for Reconstruction and Development were also potential investors.