YEREVAN, May 24. /Mediamax/. “The World Bank, European Union, European Bank of Reconstruction and Development and the United States will continue to assist the Armenian authorities in privatization of energy distributive networks,” Owaise Saadat, World Bank Country Manager for Armenia said today in Yerevan.
‘Due to setbacks in the privatization of the electricity distribution companies, SAC IV loan was restructured in order to allow more time for the authorities, under the President’s and Prime Minister’s leadership, to retender, with time to address investors’ major concerns, according to Saadat. He noted that a transparent and well-managed energy privatization would be crucial in confirming to investors that Armenia had a business-friendly investment climate.
The WB Executive Directors approved on Tuesday a $50 million SAC IV credit to be provided to Armenia. The third $20 million tranche of this credit will be floating. Its allocation will depend from the results of privatization of energy distributive networks. –0–
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