Baku Ceyhan: IFC delay, IMF pressure

28 January 2003

The International Finance Corporation has indicated that its decision on whether to support the controversial Baku-Ceyhan oil pipeline will be taken in the third quarter of this year, not in April as had been expected. Meanwhile the International Monetary Fund has suspended payments on a $100 million loan to Azerbaijan partly because of concerns about the government’s use of the Azeri Oil Fund. The government plans to use money from this fund to invest in the new pipeline, despite it being set up precisely to help diversify the economy out of oil.

See also the UK government reply to NGO concerns on Baku-Ceyhan pipeline