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USD 640.000 to Amulsar surrounding communities in 2016 in land rent payments

As part of its commitment to transparency and accountability Lydian Armenia continues to annually disclose the amount of payments we make to local governments of Gndevaz, Gorayk and Saravan. In 2016 the company has paid as much as about USD 640.000 to Amulsar surrounding communities for land rent. Of which:

Gndevaz has received USD 130,205

Gorayk has received USD 241, 345

Saravan has received USD 267, 906

 

For a comparison the state budget allocation for these communities in 2016 has been overall less than USD 71.000.

Since 2008 Lydian has already paid over USD 3,3 million to the municipal budgets of Saravan, Gorayk and Gndevaz.

In addition, it should be noted that in August, 2016, additional USD 560,000 were paid to Gndevaz community for changing the land category. 

The financial contribution of the company to the communities in lend rent payments is significant and has helped Amulsar communities to reinvest the money into the development of their communites.

Saravan has invested part of the money into the renovation of irrigation system and renovation of municipal building as well as construction of gas supply pipeline. Gorayk has constructed sewerage system previously absent in the community. The driniking water quality was a srious issue in Gorayk. With a significant addition in their municipal budget due to Lydian’s lend rent payments Gorayk has upgraded the drinking water system, thus solving a seious domestic and health issue. In Gndevaz the community was able to put street lights in the town, renovated village administration building and bought agricultural machinery for the community.

As part of our commitment to the sustainable development of the communities, Lydian also requires the communities to contribute in Lydian community  investments. While the participation may be symbolic- sometimes only 10%, it creates a sense of ownership of the projects on behalf of the communities and also is a mechanism to ensure that the lend rent payments Lydian pays are reinvested in the community. In 2016 Lydian Armenia has invested USD 260.000 in social development projects in Gorayk, Saravan, Gndevaz an the town of Jermuk. 

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