Financial gap caused by ENA non-payments to be paid off by World Bank’s loan
The energy recovery project, approved by the Armenia government, includes a number of measures to ensure an open and transparent provision of the electricity for all the levels of the chain, reports the Ministry of Energy’s Information and Public Relations Department.
The component financed by the World Bank focuses on improving the financial gap in the energy system of the state companies.
The part of the gap (22.4 billion), which is caused by the non-payment of the "Electric Networks of Armenia" CJSC (ENA) is included in the rates approved on August 1, 2015.
The entire amount is to be paid until 2016. July 31. As a result of a default by ENA and other debtors, the companies had to be included in commercial loans and accumulated unpaid liabilities, which are paid off along ENA’s paying off its debts.
In the framework of the recovery project the commercial debts of the companies will be paid off by the World Bank’s loan as well as the debt borrowed from the "Gazprom Armenia" CJSC.