Armenia secured on Tuesday a $150 million loan from the government of Japan to build a modern thermal power plant
Published:
31 March 2005 y., Thursday
Armenia secured on Tuesday a $150 million loan from the government of Japan to build a modern thermal power plant which officials said will considerably lower the average cost of power generation in the resource-poor country.
An agreement on the launch of the project was signed in Yerevan by Energy Minister Armen Movsisian and representatives of the Japan Bank for International Cooperation (JBIC). “This will be a very serious boost to our energy sector,” Movsisian said at the official ceremony.
“The Project is aimed at enhancing the power supply capacity of Armenia, thereby easing possible power shortages in the future and serving to develop the foundation supporting the economic growth of the country,” JBIC said in a separate statement.
The Japanese loan, repayable in 40 years, is to be used to finance the purchase of machinery and equipment, construction work and consulting services. The entire process will be overseen and supervised by JBIC. Tetsuo Ito, a senior official from the Japanese embassy in Moscow, said this will ensure that the implementation of the project is “free of corruption.”
Šaltinis:
bakutoday.net
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
On 11 February, heads of state or government of European Union member states will meet in Brussels to seek a commitment towards implementing a revitalised economic strategy to boost employment and growth in the EU.
more »
International Monetary Fund forecasts that Lithuania’s economy will grow 1.6 % this year, making it “the only one of the three Baltic economies expected to be in the positive territory in 2010”.
more »
Raynair announced it would open its 40th and 1st Central European base at Kaunas, Lithuania’s second largest city, in May with 2 based aircraft and 18 routes.
more »
A new Partnership Strategy for Morocco has been approved by the Board of Executive Directors of the World Bank.
more »
The electric car is an opportunity for European industry.
more »
The EBRD’s Board of Directors has adopted a new strategy for Kazakhstan, which reinforces the Bank’s commitment to further support the Kazakh economy and sets out the priorities for its activities in the country over the next three years.
more »
The European Commission has authorised, under EU state aid rules, plans notified by Sweden to provide a guarantee that would enable Saab Automobile AB to access a loan from the European Investment Bank (EIB).
more »
At the informal meeting of the Ministers of Competitiveness (Science and Industry), to be held between 7 and 9 February in San Sebastian, the issues on the table will include placing science at the top of the EU agenda and showcasing its role in economic recovery, as well taking the debate on the electric vehicle to EU level.
more »
The Executive Board of the International Monetary Fund (IMF) today approved a 27-month Stand-By Arrangement with Jamaica in the amount of SDR 820.5 million (about US$1.27 billion) to support the country’s economic reforms and help it cope with the consequences of the global downturn.
more »
Mr. Nadeem Ilahi, chief of an International Monetary Fund (IMF) staff mission to the Kyrgyz Republic, issued the following statement today in Bishkek.
more »