World Bank retaliates against Parliamentary Whistleblower

World Bank retaliates against Parliamentary Whistleblower

Saturday, May 17, 2008

ODA Loan to the Republic of Armenia

Supporting Construction of Electricity Transmission and Distribution Network

OECF (The Overseas Economic Corporation Fund, Japan: President, Chairman of the Board: Mr. Kyosuke Shinozawa) has decided to provide a loan of up to 5,399 million yen ($45 million) to fund "Electricity Transmission and Distribution Project" in the Republic of Armenia, and signed the loan agreement on February 18, 1999.

The loan agreement was signed at OECF head office in Tokyo by Mr. Shinozawa, President, Chairman of the Board, OECF and H.E. Mr. Merujan Michaellian, Minister of Energy.

Objectives and Outline of the Project

By constructing a power transmission and distribution network covering the entire national territory of Armenia (upgrading of substations and load-dispatching offices, improvement of communication equipment and rehabilitation of transmission and distribution network) as well as the installation of consumption meters, this project will improve the stability and reliability of power supply. Moreover, by aiming to reduce power transmission losses and increase the power charges collection rate, the project aims to strengthen the management foundation of the power transmission and distribution companies and improve Armenia's balance of international payments by more efficient use of energy resources.

The proceeds of the loan will be used for civil works, procurement of required electricity transmission equipment and consulting services (construction supervision, etc.).

This is a co-financing project with the World Bank.

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