Asian Development Bank, Electric Networks of Armenia Sign $20mn Working Capital Support Loan
The Asian Development Bank (ADB) and Electric Networks of Armenia Closed Joint-Stock Company (ENA) have signed a $20 million loan for a working capital support facility to ensure vital supplies of energy as the country manages the impact of the novel coronavirus disease (COVID-19) pandemic.
ENA has sole responsibility for operating and maintaining Armenia’s entire energy distribution network, providing services to more than 1 million customers. The assistance will strengthen ENA’s liquidity, enabling it to maintain sustainable and high-quality service delivery during the pandemic. All households and businesses across Armenia will benefit from the uninterrupted supply of electricity to cities.
"Ensuring the supply of electricity will enable economic activity across the country and enhance the ability of Armenian cities to sustain an effective response to the pandemic," said Mr. Chakraborty. "ADB has a strong relationship with ENA and we are happy to provide this support. We believe it will set a precedent for further private sector interventions to help reduce the economic impact of the crisis."
"We’re now facing the greatest challenge of our time. The COVID-19 pandemic is much more than a health crisis, it is also a devastating social and economic problem," said Mr. Harutyunyan. "We are so grateful to ADB and all our partners for their commitment and great assistance in this difficult period."
ENA is owned by Tashir Capital Closed Joint-Stock Company and by Liormand Holdings Limited. The Tashir group is one of the largest diversified industrial and construction companies operating across several industrial sectors in the Russian Federation. In 2017, ADB approved an $80 million loan to ENA to help improve electricity distribution and increase energy independence and efficiency.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.
President Armen Sarkissian Spoke on the Phone with the President of Latvia: Two Countries Possess Serious Potential for Cooperation
First Free Programs in the Healthcare Sphere are Being Brought to Life in Artsakh
Nikol Pashinyan Offers Condolences to Japan’s Prime Minister
Kalashnikov Factory in Armenia to Produce 50,000 Rifles Annually
Dolma Festival held in Odessa, Ukraine
Iran's Oil Storage Almost Full as Sanctions and Pandemic Weigh
5 Day Weather Forecast in Armenia
North Korea Has No Plans to Hold Talks with US
Microsoft and Zoom Join Hong Kong Data 'Pause'
Artsakh President Received Armenia's Prosecutor General Arthur Davtyan
Pompeo Warns of Potential Restriction of Chinese TikTok App
The Élysée Palace Announced the Makeup of the New Government
Pashinyan Visits Newly Opened ''Kalashnikov'' Manufacturing Plant in Armenia
Armenian Defense Minister Receives US Ambassador
UK Imposes Sanctions Against Human Rights Abusers
President of Artsakh Receives Armenia’s Minister of Education
Members of US Congressional Caucus on Armenian Issues do Not Share State Department View on Azerbaijan
A Cement Plant Will Be Built in Artsakh
Armenia Records 29285 Confirmed Coronavirus Cases
Kim Kardashian Calls on Her Millions of Followers to Support Small Businesses in Armenia
Karen Bekaryan: Nikol Pashinyan Has Forgotten that His Mission Is to Represent and Advocate the Interests of His Country
''Nasty Armenian'': Turkish Singer Sued for Insulting Armenians in a Post Addressed to Kim Kardashian
Ancient Armenian Church Surfaces from under Lake Van
Armenia’s Government Should Oppose Turkey Attempts to Take Over Armenian Properties in Jerusalem
Government Approves 22nd Anti-Crisis Program: Unemployed Citizens to Receive Lump-Sum Assistance at the Rate of the Minimum Wage
Turkey Drew Up Plans to Invade Greece and Armenia: Jerusalem Post
ANCA Calls for Robust US Funding for Artsakh
Comment by the Spokesperson of the MFA of Armenia Anna Naghdalyan on the Remarks of the President of Azerbaijan During the Opening on N Military Unit
Armenia PM: Constitutional Court President will be Dismissed, Powers of CC Members will Terminate in a Few Hours
Statement by the Foreign Ministry of the Republic of Artsakh on the Occasion of the 28th Anniversary of the Occupation of the Shahumian Region
Wind: 10 km/h