The Azerbaijan State News Agency

ECONOMY

First tranche of loan to be provided by World Bank allocated for Southern Gas Corridor project

First tranche of loan to be provided by World Bank allocated for Southern Gas Corridor project

Baku, February 24, AZERTAC 

First tranche of the loan to be provided by the World Bank was allocated for Southern Gas Corridor project immediately after the “Southern Gas Corridor” Advisory Council Third Ministerial Meeting.

Based on the resolution of the Board of Directors of the World Bank dated 20 December 2016, in accordance with the agreement signed by the International Bank for Reconstruction and Development for the granting of loan, first tranche in the amount of 108,4 million US Dollars of the loan of 400 million US Dollars for 30 years provided to “Southern Gas Corridor” CJSC with sovereign guarantee of Azerbaijan for the construction of Trans-Anatolian Natural Gas Pipeline (“TANAP”) project was allocated by IBRD today, on 24 February. The decision taken by IBRD in respect of granting of the loan for implementation of the projects and the results of its due-diligence procedure in respect of the projects have been a basis for the positive decision of lending taken by the Board of Directors of the Multilateral Investment Guarantee Agency (MIGA) which is part of World Bank Group and for the consent to lending by the Asian Infrastructure Investment Bank.

In addition, based on the resolution of the Board of Directors of the Asian Infrastructure Investment Bank dated 21 December 2016, in accordance with the agreement signed for the granting of loan, a tranche in the amount of 162,6 million US Dollars of the loan of 600 million US Dollars for 30 years provided to “Southern Gas Corridor” CJSC with sovereign guarantee of Azerbaijan for the construction of Trans-Anatolian Natural Gas Pipeline (“TANAP”) project is expected to be allocated on 27 February of this year.

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