Friday, March 24 2017 20:12
Alina Hovhannisyan

EITI public expert: we want to open all financial flows, both inside the country and in offshore zones

EITI public expert: we want to open all financial flows, both inside the country and in offshore zones

ArmInfo. Our expectations are absolutely clear - we want to open all financial flows both inside the country and sheltered in offshore zones. This opinion was voiced on March 24 by the member of the EITI multi-beneficiary group representing the public interest, and the head of the NGO EcoLur, Inga Zarafyan, referring to the possibilities in the framework of Armenia's accession to the Extractive Industries Transparency Initiative (EITI).

In particular, the expert noted that the established multi-beneficiary group EITI aims to obtain information about all real shareholders of mining enterprises. "We pay special attention to the protection of the environment and the protection of nature, since the mining sector carries very high risks to health and the environment. In particular, we are interested in what kind of financial damage is inflicted, how much the company pays for this damage and how much this amount is comparable to the real income received", the expert noted.

At the same time, Zarafyan stated that within the framework of the initiative the group intends to instill a culture of conducting a transparent business, the financial accountability of which is open not only to state bodies, but also to the public. In this context, the head of EcoLur emphasized: "According to our Declaration on Independence, our natural resources, including subsoil resources, belong not to the state, but to the people".

According to her, Artur Grigoryan (Eco Pravo), Sonna Ayvazyan (Anti-Corruption Center Trans. Arran International), Harutyun Movsisyan (Center for Sustainable Development of Yerevan State University) also entered the multi-beneficiary group EITI on behalf of the public.

On behalf of the business sector, journalists were interviewed by the president of Lydian International, and CEO Howard Stevenson, who noted that the company, prior to joining the EITI initiative, carried out transparent financial reporting available to the public. In his opinion, the desire of the Armenian government to join the initiative of transparency will inspire even greater confidence of the company's shareholders to Armenia, in particular, to its investment environment. "This is a signal of the country's readiness for openness and transparency, which certainly increases investor confidence", he stressed. In the multi-beneficiary group of EITI, Armen Stepanyan (Lydian Armenian), Perch Khachatryan (Zangezour molybdenum combine), Artur Nikogosyan (Agarak molybdenum combine) and Vahe Vardanyan entered the business.

To note, Lydian Armenia is a subsidiary of the British Lydian International, whose shareholders are large international institutional investors from the United States, Great Britain, and a number of European countries, including IFC and EBRD. The Amulsar project is the largest industrial project in Armenia today to develop the Amulsar gold deposit at a total cost of $ 370 million. In August 2016, the start of a project involving the construction and development of the field was launched. Preliminary work has been carried out since 2006. The operation life of the Amulsar will be 10 years and 4 months, annually it is planned to produce an average of 200 thousand ounces of gold (about 10 million tons of ore). Within the framework of the Amulsar program, 1,300 jobs will be created in the construction process (construction works will last about 2 years) and 650-700 jobs throughout the entire operation of the field. The shareholders of the company are also international institutional investors IFC and EBRD. The company's shares are quoted on the Toronto Stock Exchange. The Amulsar deposit is the second largest in Armenia.

To recall, currently, the Government of Armenia cooperates with the US Agency for International Development, the World Bank (WB), in the development of the transparency policy of the mining industry of Armenia. EITI is a coalition of government, companies, civil society, investors and international organizations. It was created in 2002 on the initiative of the then Prime Minister of Great Britain Tony Blair at the conference on sustainable development in Johannesburg. The goal of the Initiative is to increase transparency and improve the quality of governance in extractive industries through periodic publication of reports, compliance with standards and strengthening of institutional capacity. Under the Initiative, mining companies should disclose information on the amounts of their tax and non-tax payments to governments, and governments should publish reports on their income. The transparency of information obtained by EITI standards on the amount of income received allows the parliaments of countries, non-governmental organizations, as well as citizens themselves, to monitor the activities of companies and the Government.  Such civil control not only hampers abuse in this area, but will also contribute to more effective development of countries as a result of improved economic conditions and more active attraction of foreign direct investment. As world experience shows, extractive companies only benefit from greater transparency, thanks to the creation of equal and predictable economic relations. At the 35th meeting of the International Board of the "Extractive Industries Transparency Initiative" in Colombia Bogota on March 9, Armenia was also nominated. At present, EITI covers 52 countries that submitted 332 fiscal reports, which brought a profit of $ 2.3 trillion to the participants of the initiative.

POST A COMMENT
Input digits     


News
Konstantin Vladimirovich Tserazov: “In September, we expect a systematic recovery of indices”Konstantin Vladimirovich Tserazov: “In September, we expect a systematic recovery of indices”
Konstantin Tserazov: “The Russian stock market has enough reasons for optimism”Konstantin Tserazov: “The Russian stock market has enough reasons for optimism”
FLYONE ARMENIA airline sets itself the task of transferring 1  million passengers in 2023FLYONE ARMENIA airline sets itself the task of transferring 1  million passengers in 2023
Armenian expert on risks of further domestic debt growth Armenian expert on risks of further domestic debt growth 
Team Telecom Armenia is undertaking its initial public offering (IPO) Team Telecom Armenia is undertaking its initial public offering (IPO) 
Groundbreaking ceremony of new Meghri checkpoint took place todayGroundbreaking ceremony of new Meghri checkpoint took place today
By end of 2023, Armenia to register 2nd largest economic growth and  lowest inflation rate among EAEU countries. But risks still remain -  EDBBy end of 2023, Armenia to register 2nd largest economic growth and  lowest inflation rate among EAEU countries. But risks still remain -  EDB
Vahan Kerobyan: Armenia may become an operator in Iranian port of  ChabaharVahan Kerobyan: Armenia may become an operator in Iranian port of  Chabahar
Tax collections overfulfilled by almost 20% - State Revenue Committee  of ArmeniaTax collections overfulfilled by almost 20% - State Revenue Committee  of Armenia
Money transfers actively flowing to Armenia from Russia are no less  actively flowing  to U.S.Money transfers actively flowing to Armenia from Russia are no less  actively flowing  to U.S.
Armenia`s economy minister meets with SME Cooperation Association  repsArmenia`s economy minister meets with SME Cooperation Association  reps
Converse Bank to present Converse Leasing product at Leasing Expo  2023 exhibition Converse Bank to present Converse Leasing product at Leasing Expo  2023 exhibition 
IDBank`s Visa Business Platinum card now with more profitable termsIDBank`s Visa Business Platinum card now with more profitable terms
Armenia, Georgia discuss joint investment projectsArmenia, Georgia discuss joint investment projects
Armswissbank issues 3 bonds from 1st of juneArmswissbank issues 3 bonds from 1st of june
Ministry of Territorial Administration and Infrastructures believes  that regular flights at Kapan airport to be launched this yearMinistry of Territorial Administration and Infrastructures believes  that regular flights at Kapan airport to be launched this year
FLYONE ARMENIA launches  Yerevan-Tehran-Yerevan direct flightsFLYONE ARMENIA launches  Yerevan-Tehran-Yerevan direct flights
Decline in sales volumes in duty-free stores forced government to  ease tight restrictions on cash transactionsDecline in sales volumes in duty-free stores forced government to  ease tight restrictions on cash transactions
Vahan Kerobyan: feasibility study of Dry Port project is being  carried out by Dutch company; results to be ready in a few monthsVahan Kerobyan: feasibility study of Dry Port project is being  carried out by Dutch company; results to be ready in a few months
PSRC: there are opportunities in Armenia for construction of solar  power plants with a total installed capacity of up to 1 thousand  megawatts, but...PSRC: there are opportunities in Armenia for construction of solar  power plants with a total installed capacity of up to 1 thousand  megawatts, but...
Minister: domestic and international tourism indicators equalized in  ArmeniaMinister: domestic and international tourism indicators equalized in  Armenia
Pashinyan: Since July 1, 2023, RA citizens` pensions to be increased  once againPashinyan: Since July 1, 2023, RA citizens` pensions to be increased  once again
Growth of budget revenues conditioned by three main factors: economic  growth indicators, shadow reduction, implemented reforms - PashinyanGrowth of budget revenues conditioned by three main factors: economic  growth indicators, shadow reduction, implemented reforms - Pashinyan
AraratBank underwrites FINCA UCO bondsAraratBank underwrites FINCA UCO bonds
Team NGN`s 25Gbps network is already available to 150,000 households  in ArmeniaTeam NGN`s 25Gbps network is already available to 150,000 households  in Armenia
Pashinyan: Armenia considers it important to form collective food  security system in EAEUPashinyan: Armenia considers it important to form collective food  security system in EAEU
Trade, services and construction continue to be main drivers of  double-digit growth in economic activity in ArmeniaTrade, services and construction continue to be main drivers of  double-digit growth in economic activity in Armenia
Armenian investment crowdfunding platform ARFI and ANIF to be  presented at Orion 2023 Summit in New YorkArmenian investment crowdfunding platform ARFI and ANIF to be  presented at Orion 2023 Summit in New York
Transavia Airlines to start Marseille-Yerevan-Marseille operating  flightsTransavia Airlines to start Marseille-Yerevan-Marseille operating  flights
Georgia refutes information about launch of shipment to NovorossiyskGeorgia refutes information about launch of shipment to Novorossiysk
Batumi-Novorossiysk ferry service put into operation Batumi-Novorossiysk ferry service put into operation 
Plant producing aluminum radiators to be put into operation in  ArmeniaPlant producing aluminum radiators to be put into operation in  Armenia
Vahan Kerobyan on Vahan Kerobyan on "impressive" indicators of FDI in Armenian economy
Yerevan brandy company could stop exports to RussiaYerevan brandy company could stop exports to Russia
Kaps reservoir construction project resumed in Armenia Kaps reservoir construction project resumed in Armenia 
CMTPL E-polices sales stalled pending more visible discounts as part  of tariff liberalization CMTPL E-polices sales stalled pending more visible discounts as part  of tariff liberalization 
ANIF to invest EUR 3.9mln in Universal Closures company ANIF to invest EUR 3.9mln in Universal Closures company 
Germany to assist Armenia in strengthening local government systemGermany to assist Armenia in strengthening local government system
Fix Price announces entry into Armenia`s marketFix Price announces entry into Armenia`s market
Presentation of ROBBO company held in Armenia Presentation of ROBBO company held in Armenia 
EBRD improves its GDP growth forecast for Armenia EBRD improves its GDP growth forecast for Armenia 
FLYONE ARMENIA started operating flights on the route Yerevan-Larnaca-YerevanFLYONE ARMENIA started operating flights on the route Yerevan-Larnaca-Yerevan
Armenian Diaspora of United States is ready to invest in  technological development of ArmeniaArmenian Diaspora of United States is ready to invest in  technological development of Armenia
CBA Forecast: Inflation in Armenia to reach target level of 4% from  H2 2023CBA Forecast: Inflation in Armenia to reach target level of 4% from  H2 2023
Foreigners` transactions on buying and selling property  reduced in  ArmeniaForeigners` transactions on buying and selling property  reduced in  Armenia
In Yerevan, real estate market activity is declining, but prices  continue to riseIn Yerevan, real estate market activity is declining, but prices  continue to rise
RA citizens` perception of EU has changed dramatically. Pashinyan The  reputation of the European Union has significantly improved after the  Union decided to send an observation mission to Armenia RA citizens` perception of EU has changed dramatically. Pashinyan The  reputation of the European Union has significantly improved after the  Union decided to send an observation mission to Armenia 
German investments for the sake of Armenia`s sustainable developmentGerman investments for the sake of Armenia`s sustainable development
Bright future for solar energy in Armenia - Expert on measures to  ensure sustainable development and true independence of  energy  sectorBright future for solar energy in Armenia - Expert on measures to  ensure sustainable development and true independence of  energy  sector
EDB discusses and implements number of energy projects in Armenia -  Head of BankEDB discusses and implements number of energy projects in Armenia -  Head of Bank
EDB is ready to support Amulsar mine development project - PodguzovEDB is ready to support Amulsar mine development project - Podguzov
Armenian-Czech business forum held in Prague Armenian-Czech business forum held in Prague 
Armenia`s Finance Ministry delegation participates in experience  exchange events  organized by ICAEWArmenia`s Finance Ministry delegation participates in experience  exchange events  organized by ICAEW
EAEU expects to significantly increase volume of trade in mid term by  signing of FTZ establishment agreement with IranEAEU expects to significantly increase volume of trade in mid term by  signing of FTZ establishment agreement with Iran
Union of Banks of Armenia presented awards to employees of ArmInfo  for their professional activities in covering financial and banking  sectorUnion of Banks of Armenia presented awards to employees of ArmInfo  for their professional activities in covering financial and banking  sector
CBA Deputy Governor singles out three key factors ensuring growth of  Armenia`s economy last yearCBA Deputy Governor singles out three key factors ensuring growth of  Armenia`s economy last year
Armenia`s state treasury revenues from leasing of state property  increased by 67.7% in 2022Armenia`s state treasury revenues from leasing of state property  increased by 67.7% in 2022
WB to issue 92.3mln Euro loan to Armenia for supporting country`s  budgetWB to issue 92.3mln Euro loan to Armenia for supporting country`s  budget
Iranian company to construct modern checkpoint in Armenia`s MeghriIranian company to construct modern checkpoint in Armenia`s Meghri
Environment Ministry, KfW sign agreement for implementation of EUR 26  million program Environment Ministry, KfW sign agreement for implementation of EUR 26  million program 
Read more


Exchange rates
06.06.2023
RUB4.770.01
USD387.04-0.24
EUR414.130.01
GBP480.550.83
CAD288.360.42
JPY27.760.15
CNY54.46-0.16
CHF426.581.46