Eurasian Development Bank May Fund New Nuclear Plant

The smoke stacks of the current power plant

The smoke stacks of the current power plant

MOSCOW (EurasiaNet)—The Russian and Kazakh-led Eurasian Development Bank is considering underwriting the construction of a new, $4 billion nuclear power plant in Armenia.

The bank is also considering a similar project in Belarus, the Regnum news agency reported on August 26, citing Yevgeniy Vinokurov, head of the bank’s Economic Analysis and Consulting Department.

The power plant is meant to replace Armenia’s Soviet-era Metsamor nuclear power plant. Yerevan is under pressure from the European Union and the United States to close down the obsolete Metsamor facility.

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