YEREVAN, 1 August. /ARKA/. Armenia will receive $40 million from the International Bank for Reconstruction and Development (IBRD, a division of the WB) for the reconstruction of three power substations.

The Armenian government approved today at a session on Thursday a proposal to sign a corresponding loan agreement within the framework of the "Programme for Ensuring Armenia's Energy Transition".

The loan will be directed to the reconstruction of Shahumyan-2, Marash and Yeghegnadzor substations.

The equipment at these power facilities has been in operation for more than 40 years, which requires its replacement. In particular, it is planned to replace relay protection with modern microprocessor relays, to carry out rehabilitation and construction work on reinforced concrete structures, trenches and earth supports.

The loan repayment period is 25 years, of which 15 years is a grace period. The annual interest rate is 6-month SOFR + floating spread (it was 5.39 per cent+1.45 per cent in July 2024), the government said in a statement.