Yerevan /Mediamax/. “Electric Networks of Armenia” (ENA) CJSC received the first tranche of the loan at the sum of## $30mln from VTB Bank (Armenia).

Mediamax reports that the General Director of “Electric Networks of Armenia” Yevgeni Gladunchik and the General Chairman of VTB Bank (Armenia) Board of Directors Valeri Ovsyannikov announced this at a news conference today.

The loan agreement on providing ENA $70mln was signed in June, 2007. Interest rate of the first tranche made 12%, the repayment term - 3 years. The terms for providing the remaining part of the loan are not yet defined.

The loan will be practically fully directed to reconstruction of infrastructures in Yerevan. “Two sub-stations with the capacity of 35 kilovolt and one with the capacity of 110 kilovolt will be constructed and reconstruction of the network sector of the capital city will be realized”, Yevgeni Gladunchik stated.

At that, he noted that the company has already started the above-mentioned works using its own means, without waiting to receive the loan. “Now, when we have already received the first tranche, so we will use the spare means in other objects in Armenia”, Yevgeni Gladunchik stated, adding that it is planned to conclude the works in Yerevan in the course of 2 years.

Valeri Ovsyannikov noted that cooperation with “Electric Networks of Armenia” CJSC will not be limited to this only, and the bank will continue financing the company in future as well.