$45 Million in Loans to Electric Networks of Armenia
The European Bank for Reconstruction and Development (EBRD) and the Asian Development Bank (ADB) will provide $25 million and $20 million in loans respectively to the Electric Networks of Armenia (ENA) to raise working capital․
The purpose of this assistance, according to a statement released by the ENA, is to strengthen and increase its liquidity, to ensure the continuity of the company's activities, to provide vital services, and to support key infrastructure to work independently of the coronavirus crisis.
Credits will allow the ENA to maintain the quality of reliable and uninterrupted services against the backdrop of the economic consequences of the pandemic.
"The Covid-19 epidemic is much more than a health crisis ․ It also poses serious social and economic problems,” said ENA General Director Karen Harutyunyan. “We extend our deepest gratitude to our ADB and EBRD partners for their great support and commitment during this difficult time."