Lydian Comments on the News of EBRD's Withdrawal from the Amulsar Project

Lydian Armenia has issued a statement regarding the news that the European Bank for Reconstruction and Development (EBRD) is halting its investment in the Amulsar project. 'Yesterday, certain circles enthusiastically spread the news that the EBRD has ceased its investment in the Amulsar project. Let’s begin by noting that the EBRD has not halted its investment, and the individual cited in the related announcement, Fidanka McGrath, is not a representative of the EBRD but a member of an environmental NGO.'

It is important to inform that as of January 2020, the EBRD was a shareholder in Lydian International. In February 2020, Lydian International had to delist from the Toronto Stock Exchange due to financial issues stemming from illegalities surrounding Amulsar over the previous two years, which made it impossible to continue the free sale of its shares. The EBRD and other stakeholders ceased to be part of the Amulsar project solely due to the prolonged illegalities within Armenia, and it is unclear why the circles disseminating this news are so enthusiastic.

Due to their illegal actions and the inaction of the appropriate authorities, several reputable banks and investment firms lost their investments in a company with all legal permits in Armenia. The Amulsar project will be carried out regardless of these circumstances, but this stain will long haunt Armenia’s investment reputation, and celebrating this is, to put it mildly, an anti-state behavior. In conclusion, those rejoicing at the EBRD’s withdrawal had mocked all mentions of EBRD standards concerning Lydian for years, claiming that those standards were 'a façade' and that EBRD participation had no significance. This raises the question of what the violators are celebrating.

Notably, Lydian will continue to adhere to both EBRD and IFC standards, regardless of some people's absurd inconsistency towards these standards. The company will also continue discussions with the EBRD regarding potential future cooperation on the Amulsar project,' said the company's statement.