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ELECTRIC POWER NETWORK TO BE RECONSTRUCTED

Economy

Contractor for reconstruction works in Armenia’s electric power network will be named within coming two months, the head of Armenia’s power network Evgeni Gladunchik said at a news conference held Monday.

In his words, an amount of $35 million given by Japan’s International Development Bank as credit is planned to be spent for the reconstruction. The bank signed a contract with Armenian government. The government, in turn, signed a contract with the network.

Gladunchik says five companies – Swiss ABB, German Armens and Apstom as well as two Japanese companies - applied for participation in the tender to become a contractor.

Reconstruction works are planned to be completed by the end of 2005.

The credit will be repaid within 40 years.