Third Line of Power Transfer to Armenia to Be Launched in 6 Months
IRAN NEWS ECONOMIC DESK
TEHRAN – Head of Finance Management for International Affairs of the Export Development Bank of Iran (EDBI) says the third line for transfer of electricity to Armenia will be designed, manufactured, installed and launched in the next six months.
Mr. Kamran Razavi said the third line of electricity transfer from Iran to Armenia will be a dual-400 kilowatt circuit network with the length around 275 kilometers and it will be designed, manufactured and launched along with power transfer stations in the next six months.
He said that the project with the investment around $83m euros has been financed by EDBI in form of buyer’s credit, adding that this unique banking tool has been only offered by this bank in the national banking system which is considered a strategy for penetration into the export market targets.
Pointing to the launch of the project of the third line for transfer of electricity to Armenia, Razavi said the project with the budget around $83m euros has been financed by the bank and it will come on stream in six months.
He added that finance in form of buyer’s credit is one of the successful methods of financing by the banking system in the current condition, adding that buyer’s credit is one of the basic facilities whose technology is in hands of famous Exim banks in the world and in Iran, and, EDBI is the only bank in Iran which offers such a service, in line with its duty of supporting the exports and easing the process for trade exchange in the macro-economic level, to the banks and foreign buyers of Iranian goods and technical and engineering services.
Rezavani added that in fact EDBI has implemented one of the methods common in the advanced countries as well as conventional and normal facilities which dominate the national banking system which is mainly aimed at financing the exporters.
He then pointed to the trend of signing the contract for this project, adding that due to strategic economic ties between Iran and Armenia especially Armenia’s position in link of Iran’s electricity network to Eurasian and European countries, this project is very important and was signed between EDBI and its Armenian counterpart.
He reiterated the project for transfer of Iran’s electricity to Armenia guarantees Iran’s electricity exports to other Eurasian Union states and it is an important step in winning the export markets in this region.