The Electric Networks of Armenia (ENA) Closed Joint-Stock Company has secured a $20 million loan from the Asian Development Bank to ensure vital supplies of energy as the country manages the impact of the novel coronavirus pandemic.
The loan will help the utility to strengthen its liquidity and to maintain sustainable and high-quality service delivery during the pandemic.
The loan is expected to help ensure an uninterrupted supply of electricity to more than 1 million households and businesses in Armenia.
ADB’s Private Sector Operations Department Shantanu Chakraborty, said: “Ensuring the supply of electricity will enable economic activity across the country and enhance the ability of Armenian cities to sustain an effective response to the pandemic.
“ADB has a strong relationship with ENA and we are happy to provide this support. We believe it will set a precedent for further private sector interventions to help reduce the economic impact of the crisis.”
ENA General Director Karen Harutyunyan, adds: “We’re now facing the greatest challenge of our time. The COVID-19 pandemic is much more than a health crisis, it is also a devastating social and economic problem.
“We are so grateful to ADB and all our partners for their commitment and great assistance in this difficult period.”
In 2017, ADB approved an $80 million loan to ENA to help improve electricity distribution and increase energy independence and efficiency.