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BTC Pipeline Update: Project Financing

The BTC receives financing for the $3.6B project from the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), and several ECAs, including the ECGD (UK), Hermes ( Germany), Coface ( France), SACE ( Italy), Ex-Im (USA) and JBIC ( Japan), not to mention several private sources. Endorsement of the project itself implies endorsement of the policies and procedures of its construction and operation, which currently violate environmental policies of the IFC and EBRD. The financiers do little to regulate the harmful effects construction of the pipeline has on the Middle Eastern and Central Asian environment and society. Banca Intesa of Italy is the only bank to have withdrawn from the project as a result of irresponsible construction of the pipeline. See a current list of the financiers here.

News 2005:

Fifty Campaign Groups Protest World Bank Failures on Controversial BTC Oil Pipeline April 29, 2005

News 2004:

Italian Bank Pulls $60M Funding as BTC Nears Completion December 8, 2004

Exxon Spurns BTC Pipeline for Trains November 25, 2004

Pipeline Opponents Threaten Legal Action Against UK’s ECA November 17, 2004

Pipeline to Exceed Costs November 15, 2004

BP’s Millions at the Expense of the UK Taxpayer, Environment October 6, 2004

For more information, contact the ECA Watch Facilitator.

ECA Watch Campaign Member Links:

CEE Bankwatch - BTC Page

PLATFORM (a UK "meeting place" for artists and activists) - BTC Page