$3.6-Billion Azerbaijan-Turkey Oil Pipeline Gets World Bank Aid
The World Bank Group's International Finance Corp. has approved up to $250 million in loans to help build a controversial $3.6-billion oil pipeline from the Caspian Sea to Turkey. The IFC's board on Nov. 4 voted to approve two, $125-million loans for the 1,760-km-long project, which runs from a site in the Caspian Sea near Baku, Azerbaijan, through Georgia, to a terminal at Ceyhan on the Mediterranean coast of Turkey.
IFC also approved up to $60 million in loans for developing an oilfield off the coast of Azerbaijan in the Caspian Sea.