Armenia’s parliament approved at its special session on Tuesday, June 23 the agreement envisaging a $52 million loan from the International Bank for Reconstruction and Development (IBRD) under Electricity Transmission Network Improvement Project (ETNIP), ARKA reports.

Armenia’s minister of finance Gagik Khachatryan and the head of WB office in Armenia Laura Bailey signed the loan agreement on April 8, 2015.

The project is implemented by Yerevan Heat Power Plant and High Voltage Electric Networks closed joint stock company. The aim of the project is to overhaul and reconstruct Ashnak electrical substation and some others at Yerevan Heat Power Plant to enhance the reliability of energy supply systems.