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World bank approves US$30 million loan for power sector financial recovery program-for-results (pforr) for Armenia

28.04.2016 18:21

World bank approves US$30 million loan for power sector financial recovery program-for-results (pforr) for Armenia

YEREVAN, April 28. /ARKA/. The World Bank Board of Executive Directors approved April 27 a US$30 million loan for the Power Sector Financial Recovery Program-for-Results (PforR) for Armenia.

This Project will support the Government’s efforts to maintain adequate and reliable electricity supply by improving the financial condition and governance of the state-owned power generation companies and the private power distribution company.

Throughout the last five years, the state-owned generation companies have been experiencing a shortage of cash to finance key expenditures, because of lending and spending for purposes not related to their core business of generating and supplying energy. This is how the Armenian Nuclear Power Plant (ANPP) and Yerevan Thermal Power Pant (YTPC) have accumulated large cash deficits amounting to US$104 million which accounts to 80 percent of their total estimated revenues for 2015.

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