YEREVAN. – The Government of Armenia has approved the loan agreement, which it had signed with the World Bank (WB), with respect to the development of the electricity supply system of the country.
The respective decision was adopted at Thursday’s Cabinet meeting.
The agreement was signed with the WB International Bank for Reconstruction and Development (IBRD) back in August. Its commitment amount is $40 million and for a 25-year term, during whose ten years the loan will be provided at reduced rates.
The project envisions the modernization of Armenia’s Haghtanak, Charentsavan 3, and Vanadzor 1 power transmission substations.
