YEREVAN. - Electric Networks of Armenia CJSC will make investments amounting to AMD 7 billion ($18.5 million) next year, head of the Company Yevgeni Bibin said at a press conference on Thursday.

Bibin added that reconstruction of 0.4/10 kilovolt networks will continue. According to Bibin, the network is very old and there are serious problems. Losses have decreased by 16 % this year as a result of the networks’ reconstruction and upgrading.

The company head told also that residents and companies owe about AMD 6 billion to Electric Networks of Armenia.

“Most of all Nairit company owes to us,” Bibin said adding that they come to an agreement with the company to suspend payment of the debt and support the company with the minimum energy for its functioning.