International Finance Corporation (IFC) Regional Manager for the South Caucasus Jan van Bilsen said that Amulsar project develops in accordance with the best international experience in environment protection, social sphere, public health and safety.

Jan van Bilsen made this statement in an interview to 168.am, answering the question on whether Amulsar project conforms with IFC Performance Standards.

“We believe that it’s possible to have responsible mining projects in any country, and Armenia is not an exception. We use IFC Performance Standards as a base to discover and estimate possible environmental and social risks in any project that we finance, regardless of what industry or sphere is involved. Our customers, including those in mining, use these Standards in the process of project effects evaluation,” said Jan van Bilsen.

He emphasized that in Amulsar mine, as in other projects, IFC supervises the project’s conformity with these Standards.

Touching upon IFC’s decision of a large investment into Amulsar project, Jan van Bilsen said that IFC supports development of extractive industry, “because if managed well, the riches of natural resources can lead to sustainable economic development”.

“When mining becomes the leading sector, it can encourage growth and promote economic diversification. Earnings include substantial state profits in the form of taxes and royalties, which can be invested in productive human and physical capital. Moreover, mining can promote development of infrastructure, which might not have been possible in different circumstances, and create direct or indirect positive impacts, including wider accessibility to transportation and power, encouragement of profitability and growth,” said IFC Regional Manager for the South Caucasus.

According to him, mining provides opportunity to indirectly open jobs through the chain of suppliers.

“We encourage our customers to work with local small businesses, so that they won’t depend on the mine as a sole profit source, but have business opportunities outside of mining. IFC aims to help countries such as Armenia develop their resources in an environmentally and socially sustainable way, promote development, general welfare, and decrease of poverty,” concluded Jan van Bilsen.

It is worth noticing that Amulsar project is realized by Geoteam, its 100% shareholder being Lydian International. IFC is one of the shareholders of the latter.

You can read the full interview of Regional Manager for the South Caucasus on the source website.