FINANCING ARRANGEMENTS ON BRINK OF COMPLETION
A signing ceremony in Baku, Azerbaijan, on 3 February marks the completion of financial arrangements for the BTC project. It will culminate in 78 different parties providing over 17,000 signatures on 208 final finance documents. The project financing arrangements involve eight export credit agencies, three international financing institutions and a syndicate of 15 commercial banks. Together, they are financing up to two thirds of the total project cost.
The participation of the International Finance Corporation, the European Bank for Reconstruction and Development and the export credit agencies gives them the opportunity to positively influence how the project is implemented. Furthermore, project finance enables national companies that couldn't normally source credit to participate in an undertaking of national importance.
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