TANAP tops World Bank list

Baku. 1 February. REPORT.AZ/ World Bank (WB) group revealed list of mega projects they funded last year. Report informs, Trans-Anatolian Pipeline (TANAP) heads the list with 800 million USD.

According to information, Inga 3 hydropower station constructed in Congo is 2nd in the list. The bank allocated 73 million USD for this project.

International Finance Corporation (IFC) included in the Group funded “Simandou” iron ore deposit processing in Guinea. “Bujagali” hydropower station was financed jointly by WB and IFC. Both projects became targets of criticism by civil society institutes.

Notably, on December 20, 2016, the World Bank Board of Directors decided to allocate 800 mln USD loan to TANAP. According to decision, 400 mln USD part of the credit is provided to Southern Gas Corridor (SGC) CJSC under guaranty of Azerbaijani government, another part to BOTAŞ under guaranty of Turkish government.

The loan was given to SGC CJSC for 30 years to BOTAŞ for 29 years with 5 years grace period. 

The World Bank issued loan with LIBOR+1% credit rate.