BAKU: EBRD denies Azeri accusations of financing projects in NK

European bank denies Azeri accusations of financing projects in Karabakh

Turan news agency
12 Aug 04


The European Bank for Reconstruction and Development (EBRD) has denied
Azerbaijani media publications that the bank is operating or financing
any activities in Nagornyy Karabakh.

The EBRD says in a press release forwarded to Turan that the
organization is not financing any activities in this region.

In 2002, the EBRD allocated 3m dollars to an Armenian copper company
operating in Armenia. The owner of this company, Yerevan resident
Valeriy Mezhlumyan, also owns a company in Nagornyy Karabakh. However,
the EBRD funds are not directed to this region. The EBRD has taken
measures to ensure that the funds allocated to the Armenian company
are not used in Nagornyy Karabakh, the press release says.