U.S. opens Caspian Finance Centre in Turkey

Dec 03, 1999 01:00 AM

In the wake of the signing of several agreements on the Baku-Ceyhan oil pipeline project, Washington has taken a step designed to help investors in oil and other projects in the Caspian region.
It was announced last week that the U.S. government had opened the Caspian Finance Centre (CFC) in Ankara to help American companies identify, evaluate and finance commercially viable projects in the Caspian region.
The CFC is a unique U.S. overseas office in that it is designed to co-ordinate the business development and financial support services provided by U.S. financing agencies for firms pursuing projects in the region. The centre is staffed by senior business development managers from the U.S. Export-Import Bank (Eximbank), the Trade and Development Agency (TDA), the Overseas Private Investment Corp (OPIC) and the U.S. Commercial Service.
All of these agencies have been active in the Caspian region. The TDA funded 26 studies for projects in Turkey, Azerbaijan, Kazakhstan and other Caspian countries during 1998 alone. The agency specialises in feasibility studies, technical assistance and reverse trade missions.
The Eximbank, meanwhile, has authorised some $ 700 million in loans to support U.S. exports to Turkey, Uzbekistan, Turkmenistan and Kazakhstan. The bank assists in financing export shipments of U.S. goods and services through loans, loan guarantees and insurance. OPIC has put more than $ 2 billion into project finance and political risk insurance in the region for projects including oil and gas, electric power, telecommunications and financial service development.

Source: NewsBase
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