On October 31 Eurasian Development Bank (EDB) and Electric Networks of Armenia signed a Memorandum of Understanding in Moscow. According to this document, the parties further plan to organize a partial financing of the investment program of Electric Networks of Armenia.

Electric Networks of Armenia noted that the program will be implemented in the territory 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 (in Armenian) for commercial accounting of power consumption (ASCAPC), introduction of automated management system (MIS) and international standards for management and control (ISO).

“EDB considers the possibility to grant to Electric Networks of Armenia a loan in the amount of up to USD 100m for a term of up to 10 years,” commented Konstantin Limitovsky, Deputy Chairman of the Management Board of EDB.

“The implementation of the program will provide 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,” General Director of Electric Networks of Armenia Karen Harutyunyan said.

Karen Darbinyan signed the memorandum on behalf of Tashir Group of Companies.