On February 22, Armenian Government, Lydian Armenia and Eurasian Development Bank (EDB) signed a Memorandum of Understanding. The Memorandum was signed by Armenian Minister of Economy, Vahan Kerobyan, Vice Chairman of Management Board of EBD, Denis Ilyin, and Jeffrey Coach, a member of the Board of Directors of Lydian Armenia.

As agreed by the Parties, EDB will extend a loan of USD 100 mln to Lydian Armenia, and the Company will construct and operate the Project in compliance with the best international mining practice and in strict adherence to the applicable legislation of the Republic of Armenia, by promoting the local market and employment in affected communities.

“The Armenian government will receive 12,5 per cent of the equity capital of Lydian Armenia with no commitment for the Government to make any monetary investments. And the Company will provide financial assistance in the amount of USD 7 mln annually to affected communities during the construction of the Project”, said Vahan Kerobyan.    

As stated, Denis Ilyan, Vice Chairman of Management Board of EBD, “Today, we are entering into partnership with Lydian Armenia and believe that the Project will comply with the best environmental safety standards and will be beneficial to the Armenian economy by creating new jobs and employment opportunities for the local population.”

“I wish to express my gratitude to the Government of Armenia and new lending partners, the Eurasia Development Bank for supporting the completion of the Amulsar project. Once in operation, the economic benefits of Amulsar to the Armenia are significant”, said Jeffrey Coach by underscoring the importance of the Memorandum.