Power Sector Financial Recovery Program

Abstract*

The development objective of the Power Sector Financial Recovery Program for Results (PforR) Project for Armenia is to support the Borrower’s efforts to maintain adequate and reliable electricity supply through improvement of the financial standing of the state-owned power generation companies and the private power distribution company. The part of the government program supported under the proposed PforR includes the following activities: (a) decision... Show More

Development Objective

The proposed Program Development Objective is to support the Borrower’s efforts to ensure adequate and reliable electricity supplythrough improvement of the financial standing of the state-owned power generation companies and the private power distribution company.

Key Details

Project Details

Project ID
P157571
Status
Closed
Team Leader
Artur Kochnakyan
Borrower 2
Ministry of Finance of the Republic of Armenia

Country
Armenia
Disclosure Date
February 25, 2016
Approval Date
(as of board presentation)
April 27, 2016
Effective Date
July 19, 2016

Total Project Cost 1
US$ 40.50 million
Implementing Agency
Ministry of Territorial Administration and Infrastructures
Region
Europe and Central Asia
Fiscal Year 3
2016

Commitment Amount
US$ 30.00 million
Environmental Category
N/A
Environmental and Social Risk
Not Applicable
Closing Date
July 30, 2021

Last Stage Reached
BANK APPROVED
Last Update Date
October 2, 2023

Notes
1. Total project cost includes funding from World Bank and non-bank sources in US$ millions. Active and Closed projects show current commitments. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.
2. Borrower refers to the Borrower of a Loan or Recipient of a Grant.
3. ”Fiscal Year” is the fiscal year in which the project was approved (or dropped if the status is dropped). The World Bank's fiscal year is from July 1 - June 30. For example, a fiscal year of 1996 corresponds to July 1, 1995 - June 30, 1996.

Sectors

Themes

FY17 - Private Sector Development

FY17 - Jobs33%
- FY17 - Job Creation33%

FY17 - Urban and Rural Development

FY17 - Rural Development33%
- FY17 - Rural Infrastructure and service delivery33%
FY17 - Urban Development33%
- FY17 - Urban Infrastructure and Service Delivery33%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
International Bank for Reconstruction and Development	30.00
Local Sources of Borrowing Country	10.00
Borrower/Recipient	0.50

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	30.00
IDA Commitment	N/A
IBRD + IDA Commitment	30.00

Lending Instrument
Grant Amount	N/A
Total Project Cost**	40.50

Summary Status of World Bank Financing (US$ Millions) as of July 31, 2025

No data available.

Detailed Financial Activity as of July 31, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
Nov 15, 2016	IBRD-86150	Int Charges	12,613.69
Nov 15, 2016	IBRD-86150	Int Charges	90,253.77
Sep 12, 2016	IBRD-86150	Loan Disb	1,213,984.80
Sep 12, 2016	IBRD-86150	Loan Disb	3,045,610.80
Aug 24, 2016	IBRD-86150	Loan Disb	7,017,010.00
Aug 24, 2016	IBRD-86150	Loan Disb	2,796,990.00
Aug 11, 2016	IBRD-86150	Loan Disb	2,057,700.00
Jul 26, 2017	IBRD-86150	Loan Disb	1,096,810.00
Jul 26, 2017	IBRD-86150	Loan Disb	437,190.00
Mar 22, 2017	IBRD-86150	Loan Disb	648,505.00
Mar 22, 2017	IBRD-86150	Loan Disb	258,495.00
Nov 15, 2017	IBRD-86150	Int Charges	335.47
Nov 15, 2017	IBRD-86150	Int Charges	2,616.81
Nov 15, 2017	IBRD-86150	Int Charges	5,659.46
Nov 15, 2017	IBRD-86150	Int Charges	311,610.70
Feb 20, 2018	IBRD-86150	Loan Disb	202,350.00
Feb 20, 2018	IBRD-86150	Loan Disb	507,650.00
May 15, 2018	IBRD-86150	Int Charges	4,414.54
May 15, 2018	IBRD-86150	Int Charges	342,959.16
Sep 26, 2018	IBRD-86150	Loan Disb	85,800.00
Sep 26, 2018	IBRD-86150	Loan Disb	34,200.00
Nov 15, 2018	IBRD-86150	Int Charges	3,967.08
Nov 15, 2018	IBRD-86150	Int Charges	478,401.97
May 15, 2019	IBRD-86150	Int Charges	41.10
May 15, 2019	IBRD-86150	Int Charges	540.58
May 15, 2019	IBRD-86150	Int Charges	3,794.06
May 15, 2019	IBRD-86150	Int Charges	521,468.25
May 15, 2024	IBRD-86150	Int Charges	5,915.31
May 15, 2024	IBRD-86150	Int Charges	1,029,986.00
Apr 27, 2016	IBRD-86150	Loan Commitment	30,000,000.00
Nov 15, 2023	IBRD-86150	Int Charges	17,972.45
Nov 15, 2023	IBRD-86150	Int Charges	978,043.56
May 15, 2023	IBRD-86150	Int Charges	0.52
May 15, 2023	IBRD-86150	Int Charges	820,815.56
May 15, 2023	IBRD-86150	Int Charges	42,074.56
May 15, 2022	IBRD-86150	Int Charges	703.04
May 15, 2022	IBRD-86150	Int Charges	0.51
May 15, 2022	IBRD-86150	Int Charges	190,047.44
May 15, 2022	IBRD-86150	Int Charges	178.07
Jan 30, 2022	IBRD-86150	Loan Cancel	404.50
Nov 15, 2022	IBRD-86150	Int Charges	-0.30
Nov 15, 2022	IBRD-86150	Int Charges	0.30
Nov 15, 2022	IBRD-86150	Int Charges	523,860.66
Feb 26, 2021	IBRD-86150	Loan Disb	572,000.00
Feb 26, 2021	IBRD-86150	Loan Disb	228,000.00
Nov 15, 2020	IBRD-86150	Int Charges	241,786.61
Nov 15, 2020	IBRD-86150	Int Charges	2,102.70
May 15, 2021	IBRD-86150	Int Charges	1,183.59
May 15, 2021	IBRD-86150	Int Charges	182,535.66
Sep 24, 2021	IBRD-86150	Loan Disb	500,000.00
Nov 15, 2021	IBRD-86150	Int Charges	183,946.36
Nov 15, 2021	IBRD-86150	Int Charges	452.57
Nov 15, 2019	IBRD-86150	Int Charges	3,780.23
Nov 15, 2019	IBRD-86150	Int Charges	494,311.66
Nov 1, 2019	IBRD-86150	Loan Disb	572,000.00
Nov 1, 2019	IBRD-86150	Loan Disb	228,000.00
May 15, 2020	IBRD-86150	Int Charges	76.71
May 15, 2020	IBRD-86150	Int Charges	1,040.18
Jun 17, 2020	IBRD-86150	Loan Disb	114,000.00
Jun 17, 2020	IBRD-86150	Loan Disb	286,000.00
May 15, 2020	IBRD-86150	Int Charges	2,812.07
May 15, 2020	IBRD-86150	Int Charges	408,095.70
Aug 24, 2020	IBRD-86150	Loan Disb	159,600.00
Aug 21, 2020	IBRD-86150	Loan Disb	400,400.00
Aug 4, 2016	IBRD-86150	Loan Disb	5,162,300.00
Jul 19, 2016	IBRD-86150	Loan Disb	75,000.00
Jul 19, 2016	IBRD-86150	Fee Charges	75,000.00
Sep 16, 2016	IBRD-86150	Loan Disb	1,644,500.00
Sep 16, 2016	IBRD-86150	Loan Disb	655,500.00
May 15, 2017	IBRD-86150	Int Charges	942.62
May 15, 2017	IBRD-86150	Int Charges	5,880.72
May 15, 2017	IBRD-86150	Int Charges	7,508.17
May 15, 2017	IBRD-86150	Int Charges	258,230.95

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Monitoring and Evaluation	Satisfactory	2020-12-21
Overall Implementation Progress (IP)	Highly Satisfactory	2020-12-21
Progress towards achievement of PDO	Highly Satisfactory	2020-12-21

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 01-31-2022
Outcomes	Substantial
Risk to Development Outcome
Bank Performance	Substantial
Borrower Performance
Government Performance
Implementing Agency

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW:	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Satisfactory	N/a
Risk To Development Outcome		N/a
Bank Performance	Moderately Satisfactory	N/a
Borrower Performance		N/a
Government Performance	Not Rated	N/a
Implementing Agency		N/a
Icr Quality	Substantial	N/a
M&e Quality	Substantial	N/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Total annual electricity supply by YTPC is maintained Value 1400 GWh 1706 GWh 1400 GWh
Date February 1, 2016 September 30, 2021 December 31, 2020
Comment
Average interruption frequency per year in the project area is maintained Value 1.1 1.1 Equal to or less than 1.1
Date March 31, 2013 July 30, 2021 December 31, 2020
Comment
Direct project beneficiaries Value 2925559.00 3038000.00 0.00
Date December 31, 2015 July 30, 2021
Comment
Total annual electricity supply by ANPP is maintained Value 2300 GWh 2752 GWh 2300 GWh
Date February 1, 2016 September 30, 2021 December 31, 2020
Comment
Customers served in the project area Value 996793.00 1042000.00 1040000.00
Date February 1, 2016 March 31, 2018 December 31, 2020
Comment
Female beneficiaries Value 1550226.00 1566459.00 0.00
Date February 1, 2016 April 1, 2018
Comment

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

No new non-core business related expenditures, borrowing and lending incurred by ANPP Value No Yes Yes
Date March 1, 2016 September 30, 2021 June 30, 2021
Comment
No new non-core business related expenditures, borrowing and lending incurred by YTPC Value No Yes Yes
Date March 1, 2016 September 30, 2021 June 30, 2021
Comment
Liquidation of Haigasard Value No The first public tenders to sell Haigasard’s asset The first public tenders to sell Haigasard’s asset
Date February 1, 2016 September 30, 2021 July 30, 2021
Comment
Reduction of cash deficit of ANPP due to the Program (million US$) Value 18.5 No deficit No deficit
Date March 1, 2016 July 30, 2021 December 31, 2019
Comment
Reduction of cash deficit of YTPC due to the Program (million US$) Value 85.4 29.8 44.8
Date February 1, 2016 July 30, 2021 December 31, 2020
Comment
Reduction of the principal amount of outstanding commercial loans of ANPP to be refinanced under the Program (million US$) Value 0.00 8.50 1.90
Date February 1, 2016 July 30, 2021 December 31, 2017
Comment
Reduction of the principal amount of outstanding commercial loans of YTPC to be refinanced under the Program (milion US$) Value 0.00 4.60 1.30
Date February 1, 2016 July 30, 2021 December 31, 2017
Comment
Recovery of ANPP’s receivables from ENA (million US$) Value 0 15 15
Date February 1, 2016 July 30, 2021 December 31, 2016
Comment
Recovery of YTPC’s receivables from ENA (million US$) Value 0 25 25
Date February 1, 2016 July 30, 2021 December 31, 2016
Comment
Reduction of YTPC's gas payable under Contract referred to in Supplemental Letter No. 3 (in billion AMD) Value 12.16 2.52 3.86
Date February 1, 2016 July 30, 2021 December 31, 2020
Comment

Loss (profit) at the private power distribution company due to difference between actual and forecast cost of electricity purchased.	Value	Yes	No profit (loss) at power distribution company due	No
	Date	February 1, 2016	July 30, 2021	December 31, 2020
	Comment

Loss (profit) at YTPC due to US$/AMD exchange rate fluctuation driven changes to AMD denominated payments for natural gas.	Value	Yes	No profit (loss) at YTPC due to change in gas pric	No
	Date	March 1, 2016	July 30, 2021	December 31, 2020
	Comment

Percent of tariff-setting related questions and inquiries (gender-disaggregated) responded to by PSRC within stipulated service standards for response time	Value	100%	100%	100%
	Date	March 1, 2016	July 30, 2021	December 31, 2020
	Comment

Overhaul of the gas turbine at YTPC’s CCGT plant	Value	n/a	The overhaul was completed in September 2018.	Overhaul is completed and the CCGT plant is in ope
	Date	February 1, 2016	July 30, 2021	December 31, 2018
	Comment

Total annual electricity supply by YTPC is maintained	Value	1400 GWh	1706 GWh	1400 GWh
	Date	February 1, 2016	September 30, 2021	December 31, 2020
	Comment

Average interruption frequency per year in the project area is maintained	Value	1.1	1.1	Equal to or less than 1.1
	Date	March 31, 2013	July 30, 2021	December 31, 2020
	Comment

Direct project beneficiaries	Value	2925559.00	3038000.00	0.00
	Date	December 31, 2015	July 30, 2021
	Comment

Total annual electricity supply by ANPP is maintained	Value	2300 GWh	2752 GWh	2300 GWh
	Date	February 1, 2016	September 30, 2021	December 31, 2020
	Comment

Customers served in the project area	Value	996793.00	1042000.00	1040000.00
	Date	February 1, 2016	March 31, 2018	December 31, 2020
	Comment

Female beneficiaries	Value	1550226.00	1566459.00	0.00
	Date	February 1, 2016	April 1, 2018
	Comment

Liquidation of Haigasard	Value	No	The first public tenders to sell Haigasard’s asset	The first public tenders to sell Haigasard’s asset
	Date	February 1, 2016	September 30, 2021	July 30, 2021
	Comment

Reduction of cash deficit of ANPP due to the Program (million US$)	Value	18.5	No deficit	No deficit
	Date	March 1, 2016	July 30, 2021	December 31, 2019
	Comment

Reduction of cash deficit of YTPC due to the Program (million US$)	Value	85.4	29.8	44.8
	Date	February 1, 2016	July 30, 2021	December 31, 2020
	Comment

Reduction of YTPC's gas payable under Contract referred to in Supplemental Letter No. 3 (in billion AMD)	Value	12.16	2.52	3.86
	Date	February 1, 2016	July 30, 2021	December 31, 2020
	Comment