Asian Bank for Infrastructure Investment (ABII) Board of Directors has approved a loan for Azerbaijan in the amount of $ 600 million to finance the construction of the Trans-Anatolian gas pipeline (TANAP).
“The Bank is involved in co-financing with the World Bank, other development banks and commercial structures, and will provide a loan for JSC Southern Gas Corridor in the amount of $ 600 million. This is the largest loan allocated so far by the bank,” the report says.
Thus, the total amount of credit approved by the bank in the first year of operation has reached $ 1 billion 730 million.
As previously reported, the total cost of TANAP is $ 8.6 billion, including $ 2.1 billion allocated by the borrower, $ 600 million – by ABII, $ 800 million – by the World Bank, $ 2.1 billion – by other financial institutions (the European Investment Bank and the European Bank for Reconstruction and Development), and $ 3 billion – by other commercial loans.
The TANAP gas pipeline has a length of 1,850 km and is designed to transport Azerbaijani gas from Shah Deniz within Stage 2 through the Georgian-Turkish border to the western borders of Turkey.
The TANAP project at 30% belongs to Turkish BOTAS, at 58% - to SOCAR and at 12% - to BP. -0-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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