Energy and Natural Resources Ministry of Armenia has made an announcement, which explains why they have taken out a loan of US$ 30 million from the World Bank.
The official statement says, “A part of this deficit (22.4 billion AMD), has arisen because of non-payments by “Electrical Networks of Armenia” CJSC (ENA) has been included in the tariffs approved on 1 August 2015 and is paid each month. The whole amount will be paid by 31 July 2016. At the same time, in case of non-payments by debtors the company had to take out commercial loans in order to ensure their natural activities from 2013-2015 and accumulate overdue obligations, which are redeemed in parallel with paying off the debts of the ENA, but not being included in the price.
In the frames of Rehabilitation program the loan granted by the World Bank will be used to redeem the loans of the company in the commercial banks and a part of the dept to “GazProm Armenia” CJSC.”
13:01 February 23, 2016