The Azerbaijan State News Agency

ECONOMY

EBRD & BP INTEND TO ALLOCATE $ 25 MLN FOR GEORGIA

22.11.2003 [23:03]
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European Bank for Reconstruction & Development / EBRD/ and BP company intend to allocate credits and grants in 25 mln dollars for Georgia to implement some projects of the regional development.

EBRD and BP put forward new initiative aimed at achievement of the stable economic development after opening of the new working places and completion of the construction of Baku-Tbilisi-Ceyhan

/BTC/ pipeline. They hope that other members of the consortium attending the pipeline laying will also join to this initiative. Total amount of the project will make up $ 100 mln.

As was informed, EBRD Council of Directors decided to allocate 125 mln dollars for construction of Azerbaijani and Georgian plots of BTC oil pipeline. Besides, this structure intends due to some commercial banks to allocate another 125 mln dollars for this project.