Armenians welcome US Senate move to block Ex-Im subsidy for railroad bypass

(Defacto, Yerevan, 22 September 2006) In a move that demonstrates the potential geopolitical impact of ECA financing, the US Senate Banking Committee has added an amendment to the Export-Import Bank Reauthorization Bill which would prohibit American involvement in a proposed Caucasus railroad deliberately excluding Armenia. In 2006, BP finished construction of the controversial BTC oil pipeline through Turkey, Azerbaijan and Georgia with ECA support, despite potential cost and distance advantages of an Armenian route.