ECONOMY
EBRD SET TO ALLOCATE USD 300 MILLION FOR CONSTRUCION OF BTC PIPELINE
According to the Georgian International Oil Corporation, European Bank for Reconstruction and Development (EBRD) intends to allot $300 million for construction of the Baku-Tbilisi-Ceyhan Main Export Pipeline. Corporation’s press-service citing the EBRD vice-president Ms. Norin Doil reported that the final decision of EBRD Board of Directors on BTC crediting is due this year. According to her, EBRD’s self-funds will make up a half the credit, while the second part will be drawn from private banks. Following the same scheme of crediting, EBRD is going to allocate $200 million for the project of full-scale development of the “Azeri-Chirag-Guneshli” field. Norin Doil noted that all oil and gas projects in Azerbaijan, which are to be credited by EBRD, are under the Bank’s consideration. Vice-President also said “We take into account not only financial profitability of the projects but their ecological safety as well. We should be convinced that these projects will be developing and providing economic benefits and stability in the region. We want that realization of oil and gas projects in Azerbaijan develops infrastructure and improves social conditions.” Ms. Norin Doil stressed that Azerbaijan could have been considered as an example of macroeconomic and political stability in the region.