President of Azerbaijan about Financing Details of Southern Gas Corridor

Some political circles, taking advantage of the situation created by the fall in oil prices, are glad that Azerbaijan has run out of money. They say that Baku has now found itself in a difficult situation and has no money to finance the Southern Gas Corridor.

This surprising statement was made by the President of Azerbaijan Ilham Aliyev in his introduction at the meeting dedicated to the results of socioeconomic development in 2016 and the upcoming challenges, which took place on January 10.

“These circles speak of friendship and partnership, but, seizing the moment, decide to exert pressure on Azerbaijan, putting forward their demands. These circles previously readily issued loans without any conditions (other than ordinary banking), but now they have decided to provide their obscure political interests, which have become a prerequisite for giving loans to Baku. This was observed during the past year. But it was very populist, as they say, unworthy actions,” said the President.

“Not any foreign power can draw us into projects that we do not want - this is the first. For us, the most important are the interests of our state and nation. Secondly, no one can dictate us anything. This is demonstrated by the recent history, and all of these efforts are in vain. Those who blackmail us with the situation simply do not respect themselves and lose all the remaining and decreasing confidence. We will realize both the Southern Gas Corridor and all the other projects. Once again I say: this project is important both for us and Europe. As a result of its implementation their energy security will be insured,” Ilham Aliyev said.

According to the President, ‘such blackmailing actions are inappropriate.’

“I should also mention that we are working not only with financial institutions of Europe, but also with the Asian financial structures, and we work more efficiently and get more money in an easy way,” Ilham Aliyev said.

* At the end of 2016 Azerbaijan received a loan in the framework of the project Southern Gas Corridor to finance SOCAR’s share in the amount of $ 1.5 billion. In addition, it was decided to grant a guarantee to Azerbaijan for receiving a syndicated loan in the amount of $ 1.276 billion. These loans were obtained from Asian Development Bank ($ 500 million), the World Bank ($ 400 million), and Asian Infrastructure Investment Bank (AIIB- $ 600 million). -12D--

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