Yerevan /Mediamax/. European Bank for Reconstruction and Development (EBRD) and Russian “VneshTorgBank” will provide “Electric Networks of Armenia” CJSC a loan at the volume of 64.5mln EUR.

Mediamax reports that the corresponding agreements were signed in Yerevan today.

EBRD will provide “Electric Networks of Armenia” CJSC 42mln EUR, and “VneshTorgBank” – 22.5mln EUR for the term of 10 years. The loan will be maintained by VTB Bank (Armenia).

Armenian Prime Minister Tigran Sargsian stressed the significance of the signed agreement, taking into account the complex economic situation in the world and stated that they will allow mitigating the consequences of the crisis. The Prime Minister also noted that this is the largest deal in the banking system of Armenia.

According to Deputy Chairman of “VneshTorgBank” Board of Directors Pyotr Fradkov, “an important precedent is created, when in conditions of uneasy economic situation we have managed to elaborate a mechanism for funding such an important sector”.

Chairman of “Inter RAO UES” Board of Directors (owner of “Electric Networks of Armenia” CJSC) Yevgeny Dod stressed that interest rates on the loan will be repaid at the expense of the company’s profit and will have no effect on tariffs.