Country Report Armenia November 1998 Main report

Business news: EBRD is to fund the privatisation programme of Hrazdan

The government has decided not to take out a new loan to complete the construction of the fifth block of the Hrazdan thermal power plant (TPP) and will instead privatise it on condition that the buyer completes the construction work. This will require $100m. The block is an independent unit and can operate separately from the rest of TPP. The European Bank for Reconstruction and Development (EBRD) will fund the payment of a consulting firm to work on the privatisation strategy. This should be completed by February 1999. The privatisation process will last 12 months.

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