Baku, December 21, AZERTAC
The World Bank’s Board of Executive Directors has approved a $800 million loan for the Trans-Anatolian Natural Gas Pipeline Project (TANAP).
The $400 million is granted to the Southern Gas Corridor (SGC) Closed Joint Stock Company with the guarantee of the Republic of Azerbaijan, the WB said in a press release.
The second $400 million loan is allocated to the Boru Hatları İle Petrol Taşıma Anonim Şirketi (BOTAŞ) with the guarantee of the Republic of Turkey.
The project objective is to diversify Azerbaijan’s gas export markets and improve the security of the energy supply in Turkey and South Eastern Europe.