World Bank Accepts To Provide Financial Support To Baku - Tbilisi - Ceyhan Oil Pipeline Project

ANKARA - World Bank International Finance Corporation (IFC) Executive Board approved on November 4, 2003 a decision that envisages providing financial support to Baku-Tbilisi-Ceyhan (BTC) crude oil pipeline project.
Foreign Ministry issued a statement and said 310 million U.S. dollars would be provided to related companies for the pipeline and for development of first stage of Azeri-Cirak-Gunesli field which would provide oil to BTC pipeline.
The statement said this development, beyond the financial contribution it would make to the project, registers that BTC projects was in international standards with respect to transparency, environmental and social safety, social consultation, and inclusion of national and international society to the process.
The statement said the decision would provide important contributions to regional cooperation and prosperity, and thus to peace and stability.
The statement said the decision was also an indication of the support which international society provided to BTC project.
The statement also said Turkey carried out its studies for completion of the project in time.
(AY) 06.11.2003