OREANDA-NEWS. On June 17, 2009, in Yerevan (Armenia), in the presence of Tigran Sarkisian, Prime-Minister of the Republic of Armenia, a number of documents were signed on financing the project on modernization and reconstruction of electric distributing networks with the participation of Vnesheconombank, the European Bank for Reconstruction and Development (the EBRD), CJSC Electric Networks of Armenia (a subsidiary of OJSC INTER RAO UES).

An agreement was signed on extending by the EBRD a loan of up to EURO 42 million to CJSC Electric Networks of Armenia.

An agreement was signed on extending by Vnesheconombank a loan of EURO 22.5 million to CJSC Electric Networks of Armenia.

 An intercreditor agreement was signed between Vnesheconombank and the EBRD.  The document regulates the relations of creditors in the given project to be delivered on the principles of co-financing.

The participation of Vnesheconombank and the EBRD in the financing of the project is the first joint investment project of the above-mentioned development institutions. The project is designed to improve energy efficiency, reduce losses in electric networks and to enhance integration of energy systems of the CIS countries.

In line with the Memorandum on Financial Policies of Vnesheconombank, support for exports of goods and services of Russian companies is a priority line of Vnesheconombank’s business.

Nandita Parshad, EBRD Director for Power and Energy, said “Joining forces with Vnesheconombank is a milestone for us in regional cooperation. We look forward to further projects with our partner for the benefit of the countries of our region. Especially in the power and energy sector we can see many opportunities where investments in efficiency upgrades will generate positive results.”