Armenia’s Public Services Regulatory Commission Approves Asian Devel

ARMENIA’S PUBLIC SERVICES REGULATORY COMMISSION APPROVES ASIAN DEVELOPMENT BANK’S $13.6-MILLION LOAN FOR POWER SUPPLY OPERATOR

YEREVAN, March 18. /ARKA/. Armenia’s Public Services Regulatory
Commission approved extension of a $13.6-million loan by Asian
Development Bank to Power Supply Operator CJSC for reconstruction
of power supply network. On September 5, 2014, Armenia signed a loan
agreement with Asian Development Bank for reconstruction of the power
supply network.

For implementation of the whole program about $37 million is planned
to be lent to Armenia for 25 years with a five-year grace period at
a 2% annual interest rate.

Another agreement has been signed also with High-Voltage Electric
Networks under the same program.

Abgar Budaghyan, chief of the Public Services Regulatory Commission’s
unit in charge of monitoring of licensed activities and investment
programs, said the mentioned 13.6 million will be provided to the
Power Supply Operator for making changes in the whole system.

He said that these financial resources will help the company in
improvement of technical regulation of the system.

The credit program that is being implemented by Power Supply Operator
CJSC and High-Voltage Electric Networks will contribute to enhancement
of the technical security of the country and reliability of power
supply to consumers.

It was mentioned earlier that the project will also make it possible
to reduce losses in electric power lines, to increase substations’
capacity and to improve power supply quality in urban and rural
communities. –0—-

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