Yerevan /Mediamax/. The European Bank for Reconstruction and Development (EBRD) anticipates more transparency with mining licenses in Armenia.

EBRD Director for Caucasus, Moldova and Belarus Paul-Henri Forestier shared his views on the potential of the mining sector in Armenia in an interview to News.am.

When asked about whether the mining sector in Armenia is generally compliant to the EBRD requirements, Paul-Henri Forestier said that he can talk only about the projects which the bank would consider financing.

“On one such project (Lydian International), we are currently waiting for the Ministry of Nature Protection to approve the Environmental Impact Assessment (EIA) but we are surprised and somewhat disappointed with the recent announcement that they require another 230 days to make a decision. The Environmental and social impact assessment (ESIA), which is required by the EBRD for financing this project should be finalized in July and should enable us to assess whether this project meets our very high standards.”

“Delaying the start up of this project without proper justifications can send wrong signals to the market with negative implications on the FDI,” Paul-Henri Forestier stated.

He also noted that currently Lydian is EBRD’s only mining partner in Armenia.

“We are confident that they would only operate under high environmental standards. Should this be demonstrated, we would be prepared to consider financing the Amulsar project,” EBRD Director for Caucasus, Moldova and Belarus concluded.