Teghut Defense Group to hold protest action
The Teghut Defense Group will hold a protest action outside the Yerevan Office of the European Bank for Reconstruction and Development (EBRD) on August 31.
By a contract concluded in January 2009 between EBRD and Russian VTB Bank, EBRD will allocate $10 million to the Russian bank for boosting small and medium-sized businesses in Armenia.
The VTB Bank is going to fund a mining operation in the pristine forest of Teghut. For this purpose, the Bank will allot Armenian Copper Programme (ACP) Company a loan of $ 250 mln to operate the copper and molybdenum mine.
The Teghut Defense Group argues that EBRD indirectly sponsors the illegal destruction of the Teghut forest.
"We demand that the European Bank for Reconstruction and Development respect its principles and denounce VTB's program to operate the Teghut mine. We demand that the EBRD rescind its agreement with the VTB otherwise the partnership with the Russian bank will be viewed as a political assistance to an illegitimate and anti-environmental programme," Teghut Defense Group announced.
