On July 15, 2025, Armenian civil society organizations issued a joint statement addressed to Georgi Akhalkatsi, Head of the Yerevan Resident Office of the European Bank for Reconstruction and Development (EBRD), calling on the bank to disclose its reasons for withdrawing from the Amulsar gold mine project. The statement reads:

“In early 2009, the EBRD invested €13 million in equity financing to support the development of the Amulsar gold mine project in Armenia, stating that ‘as part of the project, the proceeds were used to fund environmental and social mitigation measures.’ $11.4 million CAD was used to acquire company shares as part of a capital increase.

The construction launched in 2017 and caused adverse impacts on local communities, two river basins, agriculture, biodiversity, the Jermuk health resort, and its services. In 2020, the EBRD decided to exit the project. Since then, the project operator, Lydian International (later Lydian Armenia), has attempted to attract international investment but failed due to high environmental and social risks and strong public resistance.

In 2025, the Government of Armenia approved a state guarantee for a $150 million loan from five Armenian banks to continue developing the Amulsar project. Armenian NGOs have filed a lawsuit against the government seeking to annul this decision, and the legal proceedings are in progress. Four of these banks—Ardshinbank, Evocabank, Inecobank, and ACBA Bank—are longstanding EBRD partners in the field of 'green' investments. While some banks have informally denied participation in the Amulsar project, the government’s decision remains in effect. Moreover, at its annual meeting in London, the EBRD announced several new agreements with Armenian banks, including Inecobank, Evocabank, Ameriabank, and Converse Bank.

In light of the above, we urge the EBRD to engage in dialogue with its Armenian banking partners and to disclose its experience with the Amulsar project, including the reasons for its withdrawal and the significant environmental and social risks involved.

We call on the EBRD to ensure that its financing to Armenian banks-whether directly or indirectly, through financial intermediaries or equity investments-is not used to support the Amulsar mine, especially given the ongoing complaint submitted to the EBRD’s Independent Project Accountability Mechanism (IPAM) by affected communities.”

This statement has been joined by:

Transparency International Anticorruption Center

“EcoLur” Informational NGO

“Forests of Armenia” NGO

“Green Armenia” Environmental NGO

“Center for Community Mobilization and Support” NGO

Anahit Simonyan (Member of the Multi-Stakeholder Group of the Armenian Extractive Industries Transparency Initiative)

CEE Bankwatch Network (International Network of NGOs)