HSBC bank provided one of the largest loans during its activity in Armenia: EUR 55 million to “Armenia Electric Networks” (HETC) PB company. The funding marks a decade of partnership between HSBC and HEC. This is reported by the HEC.

The deal is based on mutual trust between the partners and their willingness to contribute to the stable operation and efficient management of Armenia’s electricity grid system. The loan funds will be used to restructure the loan of the former shareholder of HEP.

The CEO of HSBC Armenia, Paul Edgar, is optimistic about the strategic partnership with HEC. “This transaction is based on the trust and long-term cooperation between HSBC and HEC. This is also proof of our consistency, with which we want to contribute to investments aimed at the development of a stable and safe energy sector in Armenia. The transaction is part of a larger investment scheme of HEC aimed at ensuring the financial stability of HEC in the long term. This transaction will have a positive effect on the financial recovery of HEC. I consider it necessary to mention also that the loan funds are raised without a state guarantee. The financing will help to have a safer, more stable and more efficient company”, says Karen Harutyunyan, General Director of the HEC.