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AIIB OKs $600M loan for TANAP

21 December 2016 18:07 (UTC+04:00)
AIIB OKs $600M loan for TANAP

By Nigar Abbasova

Asian Infrastructure Investment Bank (AIIB) has approved allocation of a loan worth $600 million for the Trans-Anatolian Natural Gas Pipeline (TANAP) project.

The AIIB announced that the loan will be allocated for the Southern Gas Corridor CJSC.

The total cost of the TANAP project is $8.6 billion. The project will be financed by the AIIB, World Bank (WB), European Investment Bank (EIB), European Bank for Reconstruction and Development (EBRD) and others.

The World Bank’s Board of Executive Directors on December 21 approved a $400 million loan for Turkey and a $400 million loan for Azerbaijan for the TANAP project.

TANAP project envisages transportation of gas of Azerbaijan's Shah Deniz field from the Georgian-Turkish border to the western borders of Turkey. Turkey will get gas in 2018 and after completing the construction of Trans Adriatic Pipeline (TAP), gas will be delivered to Europe in early 2020.

Azerbaijan is one of the founders of the AIIB that was created in June 2015. The country’s share in the bank’s share capital is 0.2851 percent ($254.1 million).

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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

Follow us on Twitter @AzerNewsAz

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