YEREVAN. – The Government of Armenia approved, at Thursday’s Cabinet meeting, the World Bank (WB) loan to improve the financial situation of the electric power stations and networks of the country.

The WB loan will be given for a period of 25 years, and with a 14.5-year grace period and a six-month Libor + rate.

As of 2015, Electric Networks of Armenia (ENA) company had accumulated 36 billion drams (approx. US$75,142,440) in debts, primarily to the electric power stations of the country. But after the electricity price hike, the financial situation of ENA had improved, and it was already working with surplus, by the end of the year past.