EBRD lends support to Electric Networks of Armenia

Hungary – Sept 15 2021

EBRD lends support to Electric Networks of Armenia

The European Bank for Reconstruction and Development is providing a loan of USD 70 million, including a B-loan from the Netherlands Development Finance Company (FMO), to Electric Networks of Armenia (ENA), the country's sole electricity distribution company and long-standing client of the bank, the EBRD said in a statement Monday.

The funding will support the large-scale modernization of the power distribution network in Armenia. The Asian Development Bank (ADB) is co-financing this project with a USD 35 million loan.

The loan aims to strengthen ENA's distribution infrastructure, with a focus on the regions as well as the country's two largest cities, Yerevan and Gyumri, both of which are part of the EBRD Green Cities program.

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS