YEREVAN. – The Eurasian Development Bank (EDB) will provide a $20mn loan to the Electric Networks of Armenia (ENA) company, in order to refinance the latter’s current loan obligations and to finance its ongoing activities (PHOTOS).

Vsevolod Smakov, Head of Project Block 1 at the EDB, and ENA General Director Karen Harutyunyan on Friday signed the respective loan agreement, in Armenia’s capital city of Yerevan.

The document envisions the provision of a renewable credit line.

The bank’s share in the funding of the investment program will be $40 million.

The loan is provided on a competitive basis, but not on a privileged basis.

The ENA investment program totals $726 million, but without VAT.