WB to complete talks on TANAP financing soon

By  Trend

The World Bank (WB) will complete the talks on granting a loan for implementing the Trans-Anatolian Natural Gas Pipeline Project (TANAP) in the next few days, WB Baku Office told Trend.

"The finance for the project includes two loans, namely, from the Southern Gas Corridor CJSC, which is expected to reach $400 million, as well as Turkish BOTAS Petroleum Pipeline Corporation," the WB Baku Office added.

"The talks were held with Azerbaijan," the WB Baku Office said. "The talks with the Turkish side will complete one of these days. Afterwards, the loan amount and the date of the meeting of the Board of Directors, where it will be approved, will be officially announced."

WB is also considering an opportunity of providing guarantees for loans to finance Azerbaijan's share in TANAP project, the WB Baku Office told Trend.

Earlier, it was reported that the bank will allocate $1 billion for financing the TANAP construction project.

TANAP 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.