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21.11.2016 16:37

AIIB to allocate first loan for Azerbaijan on TANAP financing

Board of Directors of the Asian Infrastructure Investment Bank (AIIB) plans to consider the allocation of a loan worth $600 million for the Trans Anatolian Natural Gas Pipeline (TANAP) project in March 2017, the AIIB told Trend.

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

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

The projects total cost is $8.6 billion, said the AIIB.

The project will be financed by the AIIB, World Bank (WB), European Investment Bank (EIB), European Bank for Reconstruction and Development (EBRD) and others, according to the message.

Meanwhile, in total, the WB plans to allocate $800 million, the EBRD and EIB - $2.1 billion and additional $3 billion are expected to be allocated by other financial institutions. Moreover, the Azerbaijani government plans to allocate additional $2.1 billion.

It should be noted that earlier, the cost of the TANAP project was estimated at $9.2 billion.

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.

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