This international investigative story came to be with the contribution of some foreign colleagues. They helped research the report on the condition of anonymity because of security reasons and risks to their own personal safety due to the current political situation in Turkey.
A group of researchers of the anti-corruption organization Re:Common helped look into thousands of official documents and corporate reports in an investigative effort that took over six months.

Erdo?an’s family members and the Turkish entrepreneurs closest to the president. The golden men with close links to Azerbaijan’s dictator. And the energy super managers who came up in Putin's court.
The gas pipeline TAP was sold to the Italian public as a strategic infrastructure that would free Europe from its dependence on Russian gas — now it risks going down in history as the “Three regimes pipeline.”

L'Espresso dug up dozens of corporate ties (like companies sharing top managers or shareholders) between Azerbaijani natural gas companies, the highly disputed Italian Puglia pipeline and the power entourages in Baku and Istanbul. TAP is the segments final section of a four thousand kilometers pipeline that stretches from Greece to Italy. The pipeline originates at the Shah Deniz 2 field in Azerbaijan before extending all across Turkey. The European Commission approved it in June 2013 as a Communitarian project. Therefore it was financeable with public funds, even being property of a private consortium of multinational companies gathered under the umbrella of TAP Ag. Its headquarters are in Baar, Zug, the Swiss canton with the lowest corporate tax nationwide. Several other companies, and especially some Azerbaijani and Turkish ones, have stakes in the estimated-$45 billion mega pipeline.

The Baku-Tbilisi-Cheyan (BTC) crude oil pipeline, which started operations in 2006, became the cornerstone upon which SOCAR, Azerbaijan’s Gas and Oil State Company, began building its own network of interest in Turkey. At least 25 SOCAR Group companies operating in the energy sector are now domiciled in Istanbul. Some are directly involved in completing TANAP, the two thousand kilometers long Turkish segment of the pipeline. These companies can be classified in two groups: one encompasses the energy companies controlled by the Azerbaijani regime; the other the neighboring Turkish companies under control of President Recep Tayyip Erdo?an. The Turkish head of state just won a referendum-plebiscite called for on Sunday 16 April, which will allow him to now transform Turkey’s constitutional democracy in a presidential regime. Heavyweight among the latter companies is the one managing the TANAP pipeline. Our magazine’s website features an interactive chart showing all the documents-supported ties between the two groups of companies.

Erdo?an's inner circle controls a number of the Turkish companies with ties to SOCAR Group. Some documented leads in our investigative report trace them, in particular, to the Turkish president’s brother-in-law; to his son-in-law, who is also Turkey’s Energy Minister; and to a number of entrepreneurs openly supportive of Erdo?an and his AKP party. In our story we use the initials of these companies. For details and graphics on their full name and officially registered C-suites, board members and shareholders please visit our website.

The most apparent finding was a connecting company tying the Azerbaijani and the Turkish groups of companies. Named SOCAR Gaz Ticareti, meaning gas trade, it was incorporated in 2012 drawing on an agreement between the two governments aimed at allowing Azerbaijani natural gas sales to Turkey. From a journalistic point of view, this company is like an Ariadne's thread that helps explore a maze of personal ties and business relations between the Azerbaijani regime and the Turkish power. It is a perfect tool to expose the many business relations between Baku and Istanbul.

SOCAR Gaz Ticareti stakes are in the hands of two other corporate entities: SOCAR Turkey Enerji, which holds 70% of its stock, and Arkgaz Enerji (formerly C?g Enerji) with a 30%. The former was founded in 2006 by SOCAR's parent company in Azerbaijan, which later sold 13% of its shares to international investment bank Goldman Sachs. Among the documents registered in Istanbul, the freshest dated 20 August 2015, shows that ownership is still shared, as a matter of fact, between SOCAR (87%) and Goldman Sachs International, which owns shares for a nominal value of 890 million Turkish liras against a required capital of 6.8 billion Turkish liras. Goldman Sachs spurred much controversy when it hired Manuel Barroso, the President of the European Commission from 2004 through to 2014, because in his capacity he signed key acts regarding all three segments of the maxi pipeline (TAP-TANAP-SCP).

The board vice chair of the other parent company, Ar Enerji, was for some time Ziya Ilgen, Erdo?an’s brother-in-law — he married Vesile, the president’s sister. Ilgen is very close to Erdo?an — according to Al Jazeera television it was precisely Ilgen who alerted him on the failed coup last July allowing him to escape it safely. Ilgen, in turn, has ties with three other Erdo?an family businesses, those of his brother and of his two sons.

Two companies in turn have controlling power over Arkgaz — Ar Enerji (70%) and Cig Petrol (30%). Turning the reasoning around, Ar Enerji is the safe owning 70% of Arkgaz’s stock, through which it controls SOCAR Gas Ticareti to a 30%. Again, a major shareholder of Ar Enerji was for a time Ziya Ilgen, Erdo?an’s brother-in-law with a 50% stake. In 2013, however, in a period of tailwinds for the Turkish-Azerbaijani gas companies, he sold all of his shares — just a few months after the approval of the super gas pipeline by European authorities. In 2015, Ilgen was at the center of a number of corruption claims alleged by Turkish Parliamentary Aykut Erdogdu of the main opposition party. According to his complaints — which Turkish authorities never followed up — those Azerbaijani gas contracts had cost Turkey billions.

Both companies controlling SOCAR Gaz Ticareti have also ties to Ömer Faruk Kalyoncu, a prominent Turkish entrepreneur and newspapers and television tycoon, as well as outspoken supporter of Erdo?an. One of the members of the board at his publishing group, Turkuvaz media, is Serhat Albayrak, Berat Albayrak’s brother, the Turkish Energy Secretary and Erdo?an’s son-in-law.

Yet another Azerbaijani company, SOCAR Turkey Petrol Enerji, incorporated by the government in Baku, can be traced to Erdo?an’s inner circle. Ömer Gür, one of its shareholders, is the son of Remzi Gür, a wealthy Turkish businessman said to be, according to sources in the Turkish opposition, "Erdo?an's ATM." Gür belongs undoubtedly to the small entourage of businessman who granted Erdo?an the keys of power through major infrastructure works, energy resources and the media. Remzi is kin (through marriages) to the Do?an family, in particular deceased Hasan Do?an - an old shareholder and board member of the Star Media Group.

This major TV and newspapers conglomerate was the focus of another intertwined story of bids and counter bids involving Fettah Tamince, an entrepreneur and member of the board at Arkgaz Enerji, who is again outspokenly close to Erdo?an. In the timeframe 2013-2014 Tamince first sold and then bought back a 50% of Star Media’s stock from SOCAR Turkey Media, once more a company created by the Azerbaijani State Energy Group to channel acquisitions of Turkish TVs and newspapers.

Entrepreneurs known to be closest to Erdo?an also own shares of the companies that won the tenders for the construction of the TANAP pipeline. Among the winners of the maxi lot 4 (the last part of the pipeline), in particular, stands out Kalyon Insaat, a company under the umbrella of the Ömer Faruk Kalyoncu group.

Such an intoxicating network of overlapping corporate interests cannot but blur the connections between the Azerbaijani gas businesses, Erdo?an’s entourage and a controlled print and TV media. However, some light can be shed on these intersections by scrutinizing the profiles of those involved.

Ziya Ilgen, the brother-in-law of the Turkish President, a retired teacher, discovered his entrepreneurial talent with Erdo?an in power. In Istanbul he is seen as a key man, who shies away from the public. As said, the president’s brother-in-law is in business with the Erdo?an family through three Turkish companies, in particular with the president’s brother Mustafa and with his sons, Ahmet Burak and Necmeddin Bilal. The three family businesses, BMZ, Tuzla Tanker and Bumerz, are in the trade of maritime transport. His brother-in-law, in particular, is member of the board at Tuzla like Mustafa Erdo?an, and was a top manager at Bumerz with the president’s brother and one of his sons, Ahmet Burak.

The company name, BMZ, is the acronym of the initials of the three founders, all members of Erdo?an's family: his other son Bilal, his brother Mustafa and his brother-in-law Ziya. Several international news stories fed by Russian and Syrian sources suggested that the companies are actually used for oil smuggling to help finance the Islamic State. The claims were actually never confirmed in any judicial probe, and the Turkish authorities denied them emphatically.

Erdo?an’s brother-in-law Ilgen was member of the board of Arkgaz Enerji from June 2013 to June 2014, at the same time when their friends and entrepreneurs Cemal Kalyoncu Fettah Tamincehe joined in. Ilgen was a shareholder and board member through 2013 also at Ar Enerji, the other “gas safe”. There is an odd gap in the Turkish records, however. The registered documents show that Ilgen owned a 50% share block of the company, sold then on 1 October 2013 when also Cemal Kalyoncu and Ömer Faruk Kalyoncu sold their 25% share block each: buyer of all the outstanding shares was Ayyildiz Holding, later renamed Zirve Holding. From the disclosed acts, however, it is impossible to gather when Erdo?an’s brother-in-law become a shareholder in the first place.

Ömer Faruk is the son of Hasan Kalyoncu, the founding patriarch of Kalyon Group, a conglomerate with interests spanning from media to construction, from energy to infrastructure. During the Erdo?an era, the Kalyon Group won an array of maxi tenders, including some of the most controversial ones, like the project for Turkey’s third busiest airport now being built in the woods north of Istanbul, the city underground railway and the underpass that brought about the youth revolt in Taksim square.

The Kalyoncu family openly maintains close ties to the Turkish president. Erdo?an was best man at three of their family weddings: that of the current CEO of the company Ömer Farukin in 2004 when Erdo?an was prime minister; that of his cousin Mehmet Kalyoncu in 2014; and that of his sister Kübra in April 2015. Zirve Holding, which made the headlines on the controversial takeover attempt of media giant Turkuvaz, is firmly in the hands of Ömer Faruk Kalyoncu, also its current chair. Drawing from disclosed documents, Zirve was incorporated a couple of months before the acquisition in December 2013 of the newspapers and TV conglomerate. According to recordings filed within a judicial probe in a big anti-corruption case in 2013, the hostile bid was allegedly ordered by Erdo?an himself, who at that time was trying to have a group of entrepreneurs (dubbed by the opposition "pool media") buy media outlets that he felt he could not control. It is a fact that after the shift in the company’s ownership, its newspapers and TVs lined up to Erdo?an's party. The recordings caused the resignation of four ministers, but did not make it to court. To be charged where instead the attorneys who started the investigation on claims of being supporters of Gülen Fetullah, the preacher sought after as purported instigator of a failed coup in July 2016.

Turkish records show that it is the very Ömer Kalyoncu, who besides being the chairman at Arkgaz Enerji, owns and manages Ar Enerji, the assets of which he controls through Zirve, the company used to target the media companies eventually purchased. During the over a decade period in which Erdo?an held power, Kalyon Group built an array of infrastructures, including the pipeline in the Istanbul region, dams, aqueducts, highways, subways, universities and hospitals.

Fettah Tamince is the owner of Rixos Hotels. In a still-talked-about 2004 interview in Turkey, the entrepreneur recalled “falling in love" with Erdo?an during a trip to Azerbaijan, and "dreaming of him 3-4 times a week." The president's family spent long summer holidays in Rixos luxurious hotels, especially in 2008 and 2012. Then, in 2013 authorities approved one of the entrepreneur’s highly disputed projects: to transform the historic Haliç shipyards in a mega port for cruise ships. Also his project to build a huge hotel in the Greek-Roman archaeological site of Olympos-Phaselis is undergoing severe critics.

Tamince is still a member of the board at Arkgaz. He joined in June 14, 2013 along with Erdo?an’s are brother-in-law. He owns 99.9% of Ftg Gayrimenkul (Ftg are his initials), a company controlling the entire capital of CIG Petrol since 2 April 2015.

The hotels and tankers owner played an odd role in the tumultuous transfers of ownership of Star Media Group: in a brief period of time, Tamince bought and resold it twice. In particular, after buying it in 2009 from entrepreneur Ethem Sancak, in April 2013 he sold a 50% stake to SOCAR group, so becoming the most important partner of the Turkish partner of the Azerbaijani state. In May 2014 he sold the other half to Ethem Sancak, before buying back a 50% of SOCAR’s stock in September 2014. Shortly after that, he transferred the assets to Ethem’s grandson Murat Sancak.

Tamince is in love with offshore companies too, besides Erdo?an. According to the Panama Papers he controls at least four of them actively operating between 2003 and April 2013, and all domiciled in the British Virgin Islands tax haven — Althorn International, Hazaras Asset Management, Rogor and Sembol Ltd. Ramon Fonseca and Jürgen Mossack’s law firm (both partners are under arrest now in Panama) ranked Tamince amount its best customers, that is, those deserving a Christmas present. The firm managed on Tamince’s behalf also other restricted operations: on 15 February 2006, for instance, Tamince sold half of the assets of Rogor to another offshore company that included among its shareholders an individual called Dosmuhkambetov Chingiz, born on 25 August 1982 in Kazakhstan and son of a Kazakh minister, according to press reports. It surfaced also that the CFO of Rixos sent several requests to Panama, including that for a Swiss account for Althorn.

Remzi Gür is a prominent Turkish businessman, who founded in the 70s in London the Ramsay Group, which owns textile factories in Turkey and apparel stores in the US, Russia, China and elsewhere. In May 2013 Erdo?an was best man at the wedding of the entrepreneur’s daughter Tu?ba. Beginning in 2009, after a probe recording in which the President supposedly asked Gür to send money to his daughter Sümeyye, who was studying in the US, the opposition dubbed him "Erdo?an’s ATM."Gür is yet another businessman on Erdo?an's circle with close ties to the Azerbajani men in SOCAR. In 2008 he joined the board of Enpo Enerji, an energy company which contributed to found SOCAR Turkey Gaz, a company selling Azerbajani gas, with a 21.5% stake in 2011. According to a document entered in an official registry on 10 November 2016, since December 2013 to the date he is chair of Gür Enpo as well. The other board members are Hasan Do?an’s son Selim Do?an and Gür’s daughter Yasemin Solmaz. Oddly enough, public records contain no information on the shareholders of Enpo. Remzi Gür’s two children also own a small stake in the oil company SOCAR Turkey Petrol since its foundation.

The Panama Papers contain a number documents mentioning Remzi Gür, who was a loyal customer of Mossack Fonseca for over a decade. His offshore “safe” is Excel Energy Trading Ltd, incorporated in 2010 in the British Virgin Islands, of which Remzi Gür owns a 75% stake. The remaining 25% stock is held by Omer Iskefyeli, born in 1963 in Ankara and a London resident. In Turkey he is known to be a top manager of Petrol Ofisi International Oil Trading Limited (with acronym POINT) and the founder of Lysa Investment. Both companies are facing charges for alleged tax evasion on imported oil between 2001 and 2008, but there has been no judicial decision yet. Gür’s second foreign treasury is Red Castle International Corp, registered in Panama in 2004. Official representative of this offshore company is the entrepreneur's daughter Yasemin Solmaz Gür. The company had a bank account in 2006-2007 with a $2,155 million deposit.

Mehmet Gür, Remzi’s grandson, is board member at a Turkish company, Ortado?u Proje, together with Ziya ?lgen, the president’s brother-in-law. The company also granted signatory powers to Erdo?an’s brother Mustafa.
In 2008 Remzi Gür was probed for corruption of a politician and sentenced at first instance to ten years. He maintained he did not commit corruption scams, and that he "hates corruption." In 2010 a court reduced his sentence to a fine.

Other members of the Remzi Gür family are very powerful as well. His brother-in-law (his wife Nevin’s brother) was the late entrepreneur Hasan Do?an, who headed the Turkish Football Federation. His brother Hüseyin Do?an and his wife Fatma Nursel have several corporate associations with oil and gas companies of the SOCAR Group. The president attended Hüseyin’s funeral in 2016.

Another entrepreneur with a close affiliation to the Turkish government is Ethem Sancak, who began his career with a small medical company and now leads a huge pharma conglomerate that controls, just to name a few, a healthcare chain and a pharma giant. In 2013 he sold it to British group Alliance Boots headed by Stefano Pessina and Ornella Barra. Sancak openly supports President Erdo?an. In 2012 he became ombudsman in the AKP party. In 2013 he acquired the Güne? and Aksam newspapers, Sky360 television, two radio channels and several news outlets from the public fund executor of the Çukurova Group bankruptcy. In 2014, Sancak became the final buyer of Star Media, a company in the crossroads of several companies’ stakes transfers between Tamince and Azerbaijani SOCAR. In 2014, following a public auction in which he was the only bidder, Sancak became the owner of BMC Otomotiv, an industrial corporation producing transportation vehicles, tanks for the army and the water cannons the police uses to disperse protesters.

Also the Turkish Energy Minister, Berat Albayrak, is kin to the Erdo?an family after marrying his daughter Esra in 2004. From 2007 to 2013 he headed the energy giant Çal?k Holding. He was repeatedly accused by the opposition of exploiting his family ties to benefit from buying privatized power companies, bankrupt television networks and huge procurements in Turkey and Iraq. It was Albayrak who appointed the top management of Turkey’s public energy companies, in particular Botas, the state company for oil and gas holding a major stake in the TANAP pipeline. His brother, Serhat Albayrak, was adviser at Çal?k Holding, and still heads the media company Turkuvaz.

In Azerbaijan the gas companies are intertwined with the regime even more than in Turkey. President Ilham Aliyev, in power since 2003, succeeded his father Heydar, the governor of the former Soviet republic since 1969. A small nation rich with oil and gas, Azerbaijan has been ruled for half a century by the same family. Many international organizations rank their regime among the most corrupt in the world. In the Panama Papers there was evidence that Azerbaijani journalist Khadija Ismayilova (long-imprisoned) was right in pointing out the relatives of the president-dictator as the true owners of the “offshore safes” that handle consistent public funds and precious minerals mining operations. Her reports detailed how the wealth of the nation is in the hands of only three families — Aliyev and Mammadov and Heydarov. A news story in The Washington Post revealed in 2010 that the three sons of the president, still in their teens, were already holders, through offshore companies, of property abroad worth at least $120 million.

In 2012 and 2013, just a few months before Brussels gave its green light to the mega gas pipeline TAP-TANAP-SCP, lobbyists for the regime transferred funds to dozens of European and American parliamentarians, including Italian Luca Volontè, who confirmed to reporters of the Italian TV show Report that his family foundations received Azerbaijani donations he believed to be lawful. Prosecutors in Milan quantified these donations in €2.390 million.

State group SOCAR sells gas and oil through a quite impenetrable corporate architecture. The system's safe is a Swiss company founded in 2007 after the onset of the BTC pipeline operations. It is called SOCAR Trading, and has an income of over $30 billion per year. Yet in the first five years the Azerbaijani regime seemed content to own just a 50% of its stock. As reported first by the not-for-profit organization Global Witness, the other half of the capital was held by two individuals: a young Azerbaijani businessman, Anar Aliyev, and a former manager of Russian Lukoil, Valery Golovushkin. The former entered the Swiss branch of SOCAR contributing $5 million, the latter $1.25 million. In August 2012 SOCAR bought back their stakes to the tune of $103 million to the Azerbaijani shareholder and $30 million to the Russian one.

Following these revelations, Anar Aliyev finally spoke out on an Azerbaijani newspaper stating that he was "just a businessman doing his job", and that he had even changed his name to Alizade precisely to show that he was no a relative of the president. Fact is, however, that in just a few years the Azerbaijani entrepreneur, who had never before been in the energy trade, signed about 48 privileged agreements with SOCAR, including joint ventures and partnerships in oil and gas fields. These contracts grossed Aliyev Anar Alizade only between 2005 and 2012 profits for at least $375 million.

Anar Alizade was born in the Azerbaijani region of Nakhchivan, the stronghold of the president's family. His close association with the regime was notorious when he became a party in a mega development speculation, "Baku White City", the symbol of the project of the European Games in 2015. Being the target of an ongoing suspicion that he was an élite figurehead, the businessman headquartered his empire headquarters in still-inaccessible corporate safe havens. Such is the case of his Union Grand Energy, which despite being registered in Singapore, is managed by Horizon Investment, an offshore company headquartered the UAE, with no registered shareholders. It is completely anonymous.

The UAE hosts also the Heritage General Trading headquarters, the offshore treasury that allowed Anar Alizade to keep control of a 40% stake in Swiss SOCAR through a homonymous Maltese holding company. Part of the Azerbaijan treasury, the company has three owners: parent company SOCAR holds 50% of its stock, Russian Golovushkin holds 25% of it (through Renfrel Holding headquartered in the British Virgin Islands), and Azerbaijani Alizade/Aliyev the remaining 25% stock (through Emirates veiled company Heritage).

Then, in September 2010, Russian Golovushkin stake in the offshore dropped to 10%. At the same time the Azerbaijani Alizade/Aliyev’s stake rose to 40% right while he was lending $20 million with no collateral to Swiss SOCAR. In 2011 the latter repays the sum with interests, before buying out the stakes of the two private individuals in 2012. Anar was out of Swiss SOCAR, but Golovushkin stayed in the capacity of CEO first until the end of 2013 and later as member of the board.

Arzu Azimov, top manager of the Azerbaijani parent company (for which he works since 1994), stated on a government newspaper that the two private shareholders, Golovushkin and Alizade / Aliyev, entered SOCAR Trading "because thanks to their reputation and expertise, they were able to channel bank loans despite the crisis, besides providing the initial capital."

Such an alliance with anonymous private shareholders is a not uncommon in a number of other companies of the Azerbaijani State Group. An example is Maltese company SOCAR Oil & Gas International Holding, which is controlled by the umbrella parent company and by secretive SACT Ltd, of which only its Hong Kong address and the registry date, 19 January 2015, are known.

The Panama papers revealed also that Lukoil’s former vice president Valery Golovushkin continued to work in Switzerland at a satellite company of the Russian energy behemoth until he moved over to SOCAR. It is hard at this point to think of a coincidence as to Lukoil’s entering with a 10% the consortium led by SOCAR and BP to exploit the Shah Deniz 2 oil field. The consortium’s target for its sales is Europe, with a plan to export, beginning 2020, about 10 billion cubic meters of Azerbaijani gas through the pipeline TAP-TANAP-SCP, which has a capacity of carrying twice as much gas.

The mega project approved by the European Commission under President Barroso with the stated aim of providing an alternative to Gazprom’s Russian gas could now develop into a geopolitical paradox. In December 2016, following the cease of hostilities between Turkey and Russia in Syria, Gazprom signed an agreement in Istanbul for a new undersea pipeline called Turkish Stream the landfall of which is to be Ipsala: the very same town on the Greek-Turkish border where TANAP meets TAP. The agreement was signed by Albayrak, the Turkish Energy Minister in the presence of his father-in-law Erdo?an and Russian President Vladimir Putin, who granted Turkey “discounts on the price of its gas."

Gazprom now plans to connect its pipeline to that bringing gas to Italy, which happens to have a spare capacity of ten billion cubic meters. The result sounds like a mockery of Europe by Putin, Erdo?an and Aliyev, in that it will provide Italy with higher volumes of gas simply bypassing Ukraine, the enemy of Moscow and a friend of Europe.

The real problem the super gas pipeline faces as of now is not government hurdles or citizens protests, but funds. The global corporation with the higher stake in the Azerbaijani gas business is BP, which is just ending a few painful quarters after it agreed to pay a record compensation of $20 billion to the United States in April 2016 for the oil spill in one of its platforms that turned into a polluting disaster in the Gulf of Mexico.

As to TAP Ag consortium, its last released balance sheet dating back to 2015 shows the Swiss company as heavily indebted, to the point that auditors casted doubts about its chances of survival without an inflow of funds to the tune of billions of dollars. "We believe public funds should not allocated for a project that is bound to become a black hole," said researcher Elena Gerebizza from Re:Common, an international organization that found evidence of a grant awarded by the European Commission to parent company TAP (unveiled by Espresso in our first article two weeks ago).

Researchers at Re:Common also report that the European Commission paid out an over $10 million grant to Turkish company TANAP. Most importantly, the Turkish segment of the pipeline received $800 million in soft loans from the World Bank. Half went to the Turkish parties, half to the Azerbijani ones — in addition of funds loaned out by the Asian Investment Bank for $600 million. Again, to develop the Azerbaijani field of Shah Deniz 2, Russian Lukoil received in 2015 a loan of $450 million from the European Bank for Reconstruction and Development (EBRD) on top of a $250 loan from the Asian Development Bank.

The super gas pipeline is becoming a colossal financial transaction also as the global corporations that control TAP are concerned — such is the case of BP Group and Azerbijani SOCAR through its Swiss subsidiary AZ-TAP. All and all, the loan funds provided by banks will be repaid with the proceeds from future sales of natural gas, that is, ultimately, the bill will be footed by consumers. In fact, on top of the loans to Turkish and Russian companies, private consortium TAP Ag requested a $2 billion loan from the European Investment Bank (EIB). This would be the largest loan ever granted by the EIB, a European Union's nonprofit international public lending institution, which like EBRD and the World Bank falls under responsibility of the participating States — Italy included.

© L'Espresso

Paolo Biondani and Leo Sisti