In Armenia, ecologists hold protest action in front of EBRD office

On August 31 in Yerevan, the "Group of Tekhut Protection" held a protest action near the Yerevan office of the European Bank for Reconstruction and Development (EBRD). Activists-ecologists are concerned of possible financing by Russian VTB of the disputable programme on development of the Tekhut deposit.

The VTB is an EBRD's borrower; and according to the information presented by ecologists, the VTB-Armenia Bank will receive 10 million US dollars from the EBRD, while the VTB is going to grant a loan of 250 million US dollars to the ACP Company for operating the Tekhut copper-molybdenum deposits for the term of 12 years.

The top managers of the Armenian representative office of the EBRD - Director Valery Razloga and Chief Banker Alexander Babayan - received three representatives of the "Group of Tekhut Protection", who gave them a letter with their arguments and fears.

During the meeting that lasted for about 30 minutes, the EBRD officials assured the ecologists that the raised problem would be discussed with the head office in London and with the VTB. In conclusion, the Bank managers promised to give prompt answers to raised questions.

The "Caucasian Knot" has reported that the Tekhut copper-molybdenum deposit, located in the Lori Region, 200 km to the north of Yerevan, was known since Soviet times. However, then the development of the deposit was barred with the aim to preserve the surrounding forests. In 2007, the Ministry of Nature Protection sanctioned development of the deposit, which caused ecologists' serious concern.