YEREVAN. – The World Bank (WB) will provide Armenia a soft loan to amortize the debt of the electric power stations of the country.

The Minister of Energy and Natural Resources, Yervand Zakharyan, stated the above-said at the end of Thursday’s Cabinet session.

He added that they already have reached a respective agreement with the WB, and on preferential terms.

Accordingly, the loan repayment period is 30 years, the grace period is 14 years, and the interest rate is 1.5 percent. 

Even though Zakharyan did not to say the amount of this loan, he noted that, owing to it, they will not need to raise the electricity tariffs in Armenia.