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World Bank Expected to Allocate a Loan worth $400 million to Southern Gas Corridor

The World Bank (WB) will make a decision regarding financing of the construction of the Azerbaijani part of the Trans Anatolian Natural Gas Pipeline (TANAP) project until late November 2016, the WB Baku office told Trend.

The source said that the WB is expected to allocate a loan worth $400 million to the Southern Gas Corridor CJSC.

The WB is in negotiations simultaneously with Turkey’s Botas Petroleum Pipeline Corporation and Southern Gas Corridor CJSC for financing TANAP.

Earlier, the WB Baku office said it is possible that the WB will provide loan guarantees through the Multilateral Investment Guarantee Agency (MIGA, an institution of the World Bank Group) for financial support to the Azerbaijani part in the TANAP project.

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.