ArmInfo
On May 5, the NGOs unified in "SOS Teghut" held a protest action in front of VTB Bank (Armenia) against crediting the Teghut project. To recall, the bank is going to provide the Armenian Copper Programme (ACP) company with $ 280 mln for implementation of the project on developing the Teghut copper-molybdenum deposit. At the same time, ecologists think that development of the deposit will not only affect the region's environment, but will also have a negative effect on the health of residents of the nearby populated areas. As it was mentioned for several times, the environmental risks in the ACP project submitted for consideration of the government were lowered several times. Moreover, development of the Teghut deposit runs counter to Armenia's legislation and international conventions.
Notwithstanding this, Head of Advertisement and Public Relations Division of VTB Bank (Armenia) Alexander Avetisyan, who met the participants in the protest action, pointed out that the bank is not going and will not violate any legislative standard. The bank has no policy aimed at violating the legislation, he said. If some big project is contrary to some regulatory act it must be dismissed.
As regards the displeasure of SOS with the fact that the president of VTB Andrey Kostin has not responded to their petition, Avetisyan said that he could do nothing about it and urged his comrades to wait. "I am sure that VTB is taking this problem very seriously," Avetisyan said.
Chairwoman of EcoLur NGO Inga Zarafyan said that the Teghut project violated 11 national laws, 7 international conventions and 2 articles of Armenia's Constitution. "I think that sponsors must be responsible for the projects they finance. Particularly, development banks clearly say in their programs that they are ready to reduce some negative effects. In contrast, commercial banks say that their only
goal is to earn money. By this action we urge commercial banks to show more responsibility for their programs especially the ones that may prove destructive for the country," Zarafyan said.
May 06, 2009