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
Reform of the banking system was one of the key themes at this year's World Economic Forum in Davos, with bankers coming in for a lot of criticism.
more »
Small firms have been hard hit by the economic crisis, and so must be given incentives and support, including easier access to credit, help with innovation, tax breaks and less red tape, MEPs on Parliament's Special Committee on the Financial, Economic and Social Crisis (CRIS), and experts agreed at a workshop on Monday.
more »
The elections and investiture of Porfirio Lobo as President of Honduras have cleared the way for the EU to restore normal relations with the Central American country and negotiations for signing a bi-regional Association Agreement may soon resume.
more »
The European Commission has approved applications from Lithuania for assistance under the European Globalisation Adjustment Fund (EGF).
more »
The European Commission has decided to refer Italy to the European Court of Justice (ECJ) on the basis of Article 108(2) of the Treaty on the Functioning of the European Union (TFEU) for failing to comply with a Commission decision of July 2008.
more »
The EBRD is helping to strengthen the financial sector in Bosnia-Herzegovina (BiH) with a €50 million credit line to the Deposit Insurance Agency of Bosnia and Herzegovina (DIA), the Bank’s first investment in a deposit insurance entity.
more »
In its first investment in the natural resources sector in Bosnia and Herzegovina, the EBRD is providing a €17 million sovereign loan to finance the gasification of the Central Bosnia Canton.
more »
The EBRD is increasing the availability of financing to private businesses in Armenia with a $5 million credit line and a $3 million trade finance facility to ArmSwissBank for small and medium companies (SMEs).
more »
On January 27 the European Commission assessed the action taken by Lithuania, Malta, Latvia and Hungary in response to recommendations proposed by the Commission and endorsed by the Council in July 2009 in respect to the correction of their respective budget deficits.
more »
EUROSTAT announced that Lithuania’s GDP rose by 6.1 % in the 3rd quarter of 2009 versus the previous quarter.
more »