dam

Overrated Standards of International Financial Institutions

by Sofia

At the end of 2016 the boycott of Ameriabank started in Armenia because of the contract signed between the bank and Lydian Armenia for providing the latter with a loan of 24 million USD to purchase equipment for construction of the gold mine and heap leach facility in Amulsar. This was particularly enraging since this is one of those banks in Armenia that presents itself as a green bank, while two of its boarding members are actively involved in charity and development projects in Armenia.

As the boycott was becoming more popular, the employees of the bank started a self-defense. They argued that World Bank’s (WB) private-lending arm International Finance Corporation (IFC) and European Bank for Reconstruction and Development (EBRD) do not distribute loans to everyone, and if this project received the support of these institutions, then it is a trustworthy project. They insisted on this on the Facebook rating page of the bank (as the rating of the bank was going down), as well as during individual meetings with some of the dissatisfied customers. (more…)