IFC approves loans for Caspian export projects

11/17/2003
International Finance Corp., the private sector arm of the World Bank Group, has approved modest but influential loans for two multibillion-dollar projects expected to boost the Caspian Sea region's profile as a western export supplier.Investments will be made in both the $3.2 billion Azeri-Chirag-Deepwater Gunashli (ACG) Phase 1 oil field and the Baku-Tbilisi-Ceyhan (BTC) pipeline. Both of IFC's contributions are relatively small given the scope of the projects, but the board's action is seen as a vote of confidence that the region's leaders and private investors will adhere to IFC guidelines on environmental stewardship and fair accounting practices."These are sound proj...
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