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    BANK OF GEORGIA, BTC SIGN PARTNERSHIP AGREEMENT

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    TBILISI, MARCH 12, (RIA NOVOSTI) - The Bank of Georgia and BTC Co. signed a partnership agreement in Tbilisi. It concerns servicing finances coming in from the IFC-International Finance Corporation, the EBRD-European Bank for Reconstruction and Development, and other donors to lay a Baku-Tbilisi-Ceyhan petroleum mainline.

    The Bank of Georgia vouches all-round servicing of the Georgian mainline stretch construction. It will join hands with the CitiCorp, the Trustee Ltd., the Societe General, and other corporate partners for bank servicing of BTC project donations.

    Now that the agreement is formalised, the Bank of Georgia has joined a global financial conglomeration of 78 companies and organisations of various types, established to implement the Baku-Tbilisi-Ceyhan project. The mainline is scheduled for commissioning toward the year's end. Construction costs are roughly estimated at three billion US dollars. BTC-related contracts involve eight export crediting agencies, three international financial institutions and fifteen commercial banks.

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