EBRD Office confirms that it has not filed a claim against Electric Networks of Armenia CJSC for early loan repayment.
EBRD Yerevan Office confirms ArmInfo's earlier reports that Electric Networks of Armenia (subsidiary of Inter RAO UES) has never had any overdue debt to the EBRD, and, consequently, it has entered no trials with the Bank.
According to earlier media reports, EBRD was allegedly going to apply to the Permanent Court of Arbitration to demand full repayment of the loan. This made the ENA hire Jordans Trust Limited to represent the company's interests at court. Natalya K.Sarjanyan, Head of the Department for Media and Public Relations at ENA CJSC, told ArmInfo the ENA has always implemented the terms of the loan agreement. As regards Jordans Trust Limited, under the specified loan agreement, this company is the ENA's process agent (i.e. it is to represent the company in judicial proceedings in case of discrepancies between the parties). It has been the company's process agent since the loan agreement was signed.
To recall, in June 2009 the EBRD and the Vnesheconombank lent a total of 64.5 mln EUR to the ENA for 10 years (42 mln EUR from the EBRD and 22.5 mln EUR from the Vnesheconombank). The loan funds are to be spent on financing the project on modernization and rehabilitation of the electric power distribution networks of Armenia. The project aims to enhance the efficiency of energy consumption, reduce the losses in the networks, as well as to strengthen the integration of the CIS member states' energy systems.