Eurasian Development Bank may finance construction of a nuclear power station in Armenia

The Eurasian development bank is considering the possibility of participating in the financing of construction of a new Armenian nuclear power station which will cost approximately USD 4 billion. However,a final decisions has not yet been made.

The Eurasian development Bank is an international finance organization established by Russia and Kazakhstan in January 2006. Armenia, Belarus and Tajikistan joined the bank in December 2008 and Kyrgyzstan is applying to become a member.

Armenia plans to build a new nuclear power station which will produce 1200 megawatts of electricity and is hoping for completion by 2016. The Armenian government has signed an agreement with a consortium headed up by the management company Worley Parsons to manage development and construction of the station and the company is currently consulting with the Armenian government on its development.. The life span of the new nuclear power station will be 60 years, including the construction period. If the plans proceed as scheduled, Yerevan will halt operation of the existing old Soviet-built nuclear power station in 2013. Armenia has stated that it would like to end the operation of its old nuclear power station, but can only do that when an alternative energy resource is available.