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ECONOMY

IFC AND EBRD TO HOLD FIRST PUBLIC MEETING ON BTC PROJECT

30.07.2003 [14:01]
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The International Financial Corporation (IFC) and the European Bank for Reconstruction and Development have started a public hearing on the Baku-Tbilisi-Ceyhan MEP. A spokesperson for the World Bank office in Baku said that the first meeting with the public goes underway in the Turkish city of Erzerum on 26 August.

Overall, there will be six such hearings organized with two each in the three countries as follows: (Turkey) Erzerum - 26 August and on 28 August in Adan; (Azerbaijan) Gyanja - 1 September, and in Baku on 4 September; (Georgia) Borjomi - 8 September and 11 September in Tbilisi.

On 12 June, the EBRD and the IFC presented for public discussion the documents on the project, which comprise of about 11 thousand pages. At the end of 120 days, the IFC should come out with a final decision concerning the issue of credit for the BTC project.

The cost of the project costs USD2.95 billion, 30% of which is borne by the partner companies in the project and the remaining 70% obtained in the form of loans from international financial institutions. The IFC and the EBRD is currently considering the issue of allocating a credit facility for USD150 million. The rest should come from private banks, export and insurance agencies and other financial institutions.

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