§ Baroness Uddinasked Her Majesty's Government:
Whether a decision will be made on United Kingdom participation in the Baku-Tiblisi-Ceyhan oil pipeline before an assessment has been conducted as to the project's compliance with World Bank safeguard policies, both on paper and in project implementation. [HL5245]
§ The Parliamentary Under-Secretary of State, Department of Trade and Industry (Lord Sainsbury of Turville)The project sponsors, led by BP, have approached the Export Credits Guarantee Department (ECGD) regarding cover for the supply of UK goods and services, and for UK investments related to the project. In considering whether to provide ECGD cover, the project's compliance with the relevant World Bank safeguard policies will be a material factor. No final decision on this project has yet been made.
223WAECGD cover would be given to any exporters and investors involved in this project only if the department were satisfied that the relevant environmental, social and human rights impacts had been properly addressed, and that the financial and project risks were acceptable.
Other export credit agencies, together with the International Finance Corporation and the European Bank for Reconstruction and Development, are also considering providing support for the project.