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.
World Bank & IMF in the news
Despite the World Bank’s commitment to move away from funding coal, a series of loopholes in its financial intermediary lending remain that will continue to allow finance to support coal power projects.