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Bankwatch Mail 6

4 pages, pdf
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 Bankwatch Mail 6

Publisher: CEE Bankwatch Network

Volume: 4 pages, pdf


The EBRD is becoming ever more interested in oil projects in the Caspian Region. The quality of EBRD investments is highly questionable unfortunately; the latest example of dubious lending is to the Frontera Resources Corporation oil exploration project in Azerbaijan and Georgia. The EBRD has already approved 10 mld. USD for the Frontera Resources project, for rehabilitation and development of the Kursangi and Karabagli oil fields in Azerbaijan and Block 12 in eastern Georgia. In nearest future, the EBRD will review the possibility for provisions on a borrowing base loan up to 60 mld. USD.