EBRD lends support to Electric Networks of Armenia

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The European Bank for Reconstruction and Development is providing a loan of USD 70 million, including a B-loan from the Netherlands Development Finance Company (FMO), to Electric Networks of Armenia (ENA), the country's sole electricity distribution company and long-standing client of the bank, the EBRD said in a statement Monday.

The funding will support the large-scale modernization of the power distribution network in Armenia. The Asian Development Bank (ADB) is co-financing this project with a USD 35 million loan.

The loan aims to strengthen ENA's distribution infrastructure, with a focus on the regions as well as the country's two largest cities, Yerevan and Gyumri, both of which are part of the EBRD Green Cities program.

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