EBRD PROVIDES 42 MILLION LOAN TO ARMENIAN ELECTRIC NETWORKS

/PanARMENIAN.Net/
17.06.2009 15:57 GMT+04:00

/PanARMENIAN.Net/ On June 17, 2009, in Yerevan (Armenia), in the
presence of Tigran Sargsyan, Prime-Minister of the Republic of
Armenia, a number of documents were signed on financing the project on
modernization and reconstruction of electric distribution networks. The
documents were signed with the participation of Vnesheconombank,
the European Bank for Reconstruction and Development (the EBRD) and
Electric Networks of Armenia CJSC (a subsidiary of OJSC INTER RAO UES).

Under one of the agreements signed, EBRD will provide ~@ 42 million
credit to Armenian Electric Networks CJSC. Under another document,
Vneshekonombank will pay the company credit in the amount of ~@
22.5 million.

Vneshekonombank and EBRD have signed an inter-credit agreement
regulating creditors’ relations in the given project, Vneshekonombank’s
press service reports.

The participation of Vnesheconombank and the EBRD in project funding is
the first joint investment project of the above-mentioned development
institutions. The project is designed to increase energy efficiency,
reduce losses in electric networks and enhance energy system
integration among CIS member states.

Under the Memorandum on Vnesheconombank’s Financial Policies, support
to goods and services export is one of the bank’s priority trends.

The authorized capital of INTER RAO UES OJSC totals to 227 billion
411 million 385 thousand roubles. 57.3% of the Company’s authorized
capital is owned by Rosatom State Nuclear Energy Corporation and
Rosatom-controlled Energoatom Concern.

Electric Networks of Armenia CJSC is a 100 % subsidiary of "INTER RAO
UES" OJSC. The company is active in the transmission and distribution
of electric power throughout the entire territory of the Republic of
Armenia, besides being licensed to export electric power to neighboring
countries. The company has about 940 thousand customers.