YEREVAN, December 15. /ARKA/. HSBC Bank Armenia will provide a grant of $30,000 for development of the state-protected Khosrov Forest Sanctuary, the bank’s press office reported on Wednesday.
Appropriate agreement was signed Tuesday in Yerevan by Armenian Nature Protection Minister Aram Harutyunyan, HSBC Bank Deputy CEO Irina Seylanyan, Khosrov Forest Sanctuary Director Vorontsov Barseghyan and Caucasus Nature Fund Executive Director David Morrison.
This quadripartite agreement stipulates payment mechanism – HSBC Bank Armenia will provide $30,000 to the Caucasus Nature Fund within three years.
The grant will be transferred in three equal tranches – in December 2010, in the first quarter of 2011 and the first quarter of 2012.
The Caucasus Nature Fund will sent the remaining part of the grant to the ministry from own financial resources.
Under the agreement, the Caucasus Nature Fund will control utilization of the granted money and send reports to HSBC Bank Armenia.
“Armenia is one of 34 biodiversity territories,” Seylanyan said. “We see boundless room here for preservation of wild nature and environment as well as development of tourism.”
She added that this program is fully in tune with the environmental programs HSBC implements all over the world.
Seylanyan said that in addition to financial support, the bank intended to use its personnel’s knowledge and experience gained from implementation of joint environmental programs.
She expressed hope that the Khosrov Sanctuary would be reckoned among three most popular tourist destinations thanks to this program.
On February 12, 2010, a grant agreement was signed by the ministry, the sanctuary and the fund.
Under this agreement, the ministry will receive €85,000 each year between 2010 and 2012 only for supplementing the budget of the sanctuary development program.
Under this program, the sanctuary’s infrastructures will be developed, necessary equipment purchased and personnel’s salaries raised.
Khosrov Sanctuary was established in IV century by Armenian Tsar Khosrov.
The forest got the state of sanctuary in 1958.
About 70% of species listed in Caucasus Reed Book.
The sanctuary has also historical significance.
HSBC Bank Armenia, subsidiary of HSBC Bank Plc, was registered on September 25, 1995.
HSBC Europe BV holds 70% of HSBC Bank Armenia shares. The remaining 30% belong to Wings Establishment.
In late January 2009, HSBC Bank Armenia became a member of NASDAQ OMX Armenia Stock Exchange. -0–
