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Armenia : WORLD BANK approves extra loan for ARMENIA

July 7, 2014

The World Bank has given the approval for an extra loan worth $40 million for a project targets to advance access to electricity in Armenia.

The funding includes the cost of the rehabilitation of 3 substations for the nation s power transmission network. According to bank, the average age of Armenia s power transmission assets is around 45 years and most of them have not undergone any major development in the past decades.

Jean-Michel Happi, World Bank Country Manager for Armenia commented The rehabilitation of the targeted substations will improve power system efficiency and reliability and bring direct benefits to all power consumers in Armenia. This would allow avoiding increased incidence of power supply outages as well as associated significant social and economic costs.

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Source: TendersInfo (India)

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