EBRD proceeds with $500 mln Southern Gas Corridor loan

The bank intends to proceed with a plan to lend $500 million to the Southern Gas Corridor project despite Azerbaijan’s suspension from the Extractive Industries Transparency Initiative.
By Staff reporter 4 May 2017 0 25750

The European Bank for Reconstruction and Development intends to go ahead with a plan to lend $500 million to the Southern Gas Corridor project despite Azerbaijan’s suspension from the Extractive Industries Transparency Initiative (EITI).

Azerbaijan withdrew from EITI in March after facing accusations of human rights abuses.

The EITI’s decision was “very unfortunate”, EBRD President Suma Chakrabarti said in an interview with Bloomberg

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