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-
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