EDB and CJSC Electric Networks of Armenia signed a Memorandum of Understanding
Moscow, 31 October 2017: Eurasian Development Bank (EDB) and CJSC Electric Networks of Armeni” signed a Memorandum of Understanding. According to this document, the Parties further plan to organize a partial financing of the investment program of CJSC Electric Networks of Armenia. The program will be implemented on the territory of the Republic of Armenia.
The signing ceremony took place on October 31, 2017 in Moscow during EDB 12th Conference on “Eurasian Integration”. The document was signed by: Konstantin Limitovsky, Deputy Chairman of the Management Board at EDB; Karen Darbinyan on behalf of “Tashir” Group of Companies; Karen Harutyunyan, General Director of CJSC ENA, on behalf of CJSC “Electric Networks of Armenia”.
Investments in the framework of this project will be directed at reconstruction of distribution networks and substations of the company as well as at construction of new distribution networks and substations; connection of new customers to the network; replacement and installation of electric power meters; introduction of an automated system for commercial accounting of power consumption (ASCAPC); introduction of automated management system (MIS) and international standards for management and control (ISO).
“According to the Bank’s mission the energy sector is one of the priority directions for the investment activity”, commented the Deputy Chairman of the Management Board of EDB Mr. Konstantin Limitovsky. “EDB considers the possibility to grant to CJSC “Electric Networks of Armenia” a loan in the amount of up to 100 million US dollars for a term of up to 10 years.”
“As a result of program implementation improvement of quality of power distribution function, lowering of energy losses and optimization of current costs, modernization of the system for physical and commercial accounting of power consumption, expansion of distribution network, reduction of terms for connection of customers to distribution networks, upgrade of the system for distribution networks management are planned”, mentioned Karen Harutyunyan, the General Director of CJSC “Electric Networks of Armenia”.
Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The charter capital of EDB is 7 billion USD. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.
CJSC “Electric Networks of Armenia” (ENA) distributes electric energy on the entire territory of the Republic of Armenia. The Company serves more than 1 million customers. ENA is a big employer and one of large taxpayers of the country.