YEREVAN, March 31. /ARKA/. Executive directors of the World Bank approved today the $52 million loan for the Electricity Transmission Network Improvement Project (ETNIP) for Armenia, the WB website reports.

The new project will improve the reliability of the power transmission network and system management, and support the government’s efforts in ensuring adequate electricity supply across the country, says the report.

Total financing of the project is $69.16 million, of which $17.16 million will be the government’s contribution. The World Bank will provide a $52 million IBRD loan of variable spread with a 14.5-year grace period and the total repayment term of 25 years, according to the report.

“Currently the power sector of Armenia faces a number of challenges, including supply adequacy and reliability. The project focused on rehabilitation of the selected substations will improve power system reliability, and bring direct benefits to all power consumers in Armenia,” said Laura E. Bailey, World Bank Country Manager for Armenia.

“This will allow avoiding increased incidence of power supply outages, as well as associated significant social and economic costs,” she said.

Armenia joined the WB in 1992 and the IDA in 1993. In total, about $2,118,730 million has been provided to the country since then. –0—