Baku. 24 February. REPORT.AZ/ Today, the International Bank for Reconstruction and Development (IBRD, the World Bank Group member) has allocated first financial tranche of 108.4 mln USD to the "Southern Gas Corridor" CJSC for construction of the Trans-Anatolian Natural Gas Pipeline (TANAP) project.
Report informs, this allocation is a part of the credit line of 400 mln USD provided to “Southern Gas Corridor” CJSC for 30 years with sovereign guarantee of Azerbaijan for the construction of Trans-Anatolian Natural Gas Pipeline (“TANAP”) project, 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.
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 (AIIB).
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 February 27, 2017.
Notably, the “Southern Gas Corridor” Advisory Council Third Ministerial Meeting was held in Baku on 23 February of this year. During the meeting four plenary sessions were held, participants were introduced to the reports on the works done in respect of all segments of the Southern Gas Corridor project, and, discussions and meetings in the framework of the “Financing Southern Gas Corridor project amid the changing global energy paradigm” session were held with various international financial institutions. Consequently, a Joint Declaration was signed by the participants of the “Southern Gas Corridor” Advisory Council Third Ministerial Meeting.
Notably, the first “Southern Gas Corridor” Advisory Council meeting was held on February 12, 2015 and the second meeting on February 29, 2016.