EDB to Support Increased Ore Mining and Processing at Zangezur Copper-Molybdenum Combine in Armenia

Almaty, June 25, 2026 – The Eurasian Development Bank (EDB) is providing financing for the planned project to expand the production capacity of the Zangezur Copper-Molybdenum Combine, Armenia's largest mining company. The relevant loan agreement was signed on the sidelines of the EDB Annual Meeting and Business Forum by Sergei Ignatov, Senior Managing Director and Head of the Project Unit at the EDB, and Nikolay Vedenin, Chief Financial Officer of Zangezur Copper-Molybdenum Combine CJSC.

Under the loan agreement, the Bank has opened a non-revolving credit line in the amount of USD 120 million. The funds will be used to implement an investment program aimed at increasing ore processing at one of Armenia's largest industrial enterprises, as part of the company's planned development project. The increase in production capacity will improve the efficiency of the mineral resource base, stabilize copper and molybdenum production volumes, and strengthen the resilience of export supplies.

"The financing will support a project to improve the efficiency of the production cycle. This reflects one of the EDB's key priorities – participating in long-term financing of industrial modernization in the region, building on the existing industrial base," said Sergei Ignatov, Senior Managing Director and Head of the Project Unit at the EDB.

"The financing will allow us to consistently implement our investment program aimed at increasing ore processing. This is an important step towards improving operational efficiency, technical re-equipment, and ensuring the long-term sustainability of production," added Nikolay Vedenin, Chief Financial Officer of Zangezur Copper-Molybdenum Combine CJSC.