EBRD AND ARMENIAN GOVERNMENT SIGN PRIVATIZATION AGREEMENT

PanARMENIAN.Net - 05.12.2000, MEDIAMAX, YEREVAN. The Government of Armenia and European Bank of Reconstruction and Development (EBRD) signed today in Yerevan an agreement on direct sale of 19.9% of shares of each of the 4 distributive power networks of Armenia, presented in the international tender.

According to the Minister of Justice of Armenia David Harutiunian, for each stock EBRD is ready to pay the same price the government of Armenia will agree on with the strategic investor, to whom the 51% of shares of the networks will be sold. Thus, the investment amount of EBRD may amount to $20 million.

EBRD regional director Hildega Gashek stated that the privatization of the energy sector of Armenia will be continued and after the distributive networks the objects producing electricity will be privatized.

The winner of the tender for privatization of 4 distributive power networks of Armenia will be announced by February 28, 2001, while the process will end in March 2001.

4 companies are pretending to the privatization of the 4 distributive power networks of Armenia: the Spanish "Union Fenosa", the American "AES Silk Road", the Swiss-Swedish "ABB" and the French "Electricite de France". --0--