WB approves $39m loan for ESR Project for ArmeniaMay 27, 2011 - 12:24 AMT PanARMENIAN.Net - The World Bank Board of Executive Directors approved a US$ 39 million loan for the Electricity Supply Reliability (ESR) Project for Armenia. This project is designed to enhance the reliability of the power supply in the country by improving the capacity of the power transmission network back-bone infrastructure by replacing a section of around 230 km of out-dated transmission lines. “This project supports a key strategic objective of our Country Partnership Strategy: to support Armenia’s competitiveness,” says Asad Alam, World Bank Regional Director for the South Caucasus Countries. “The investments will replace a section of around 230 km of transmission line from the Hrazdan Thermal Power Plant to Vorotan Cascade of hydro power plants, which accounts for about 45 percent of the 220 kV transmission lines that need urgent rehabilitation,” says Jean-Michel Happi, World Bank Country Manager for Armenia. “The capacity of this section of the transmission line will increase from 250 MW to 310 MW, with a sharp reduction in current outages.” Total financing of the Project is US$ 52 million, of which the government of Armenia will finance US$ 13 million. The IBRD loan carries a maturity of 25 years including a grace period of 10 years. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenian, Iranian foreigh policy chief talk over the phone The Foreign Minister of Armenia once again expressed condolences to his counterpart on the death of the President of Iran. Armenia, U.S. customs authorities to boost assistance with new deal The government has approved an agreement with the U.S. government on mutual assistance between the customs authorities. Armenian government besieged by protesters Protesters led by Archbishop Bagrat Galstanyan poured into Yerevan’s Republic Square to try to surround the seat of Armenia’s government. EU calls on Azerbaijan to release all political prisoners The European Union calls on Azerbaijan to release all those imprisoned for exercising their fundamental rights. |