EBRD to invest in construction of Baku-Tbilisi-Ceyhan oil pipeline

The European Bank for Reconstruction and Development (EBRD) will take part in the implementation of the project aimed at constructing the Baku-Tbilisi-Ceyhan oil pipeline. It is expected that the EBRD's investments in this project will amount to some $200m, Georgian President Eduard Shevardnadze declared in an interview on national radio today. He stressed that the EBRD's participation gave guarantees to the project, in terms of its financial reliability and environmental protection.

According to the Georgian leader, the Bank has invested EUR200m in Georgian economy. Some 23 projects in the banking, energy and transport sectors have been financed, the Black Sea Press agency reported.

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