ADB allocates 1 billion USD for Southern Gas Corridor

Baku. 7 December. REPORT.AZ/ The Asian Development Bank (ADB) has confirmed allocation of 1 billion USD loan for "Shah Deniz-2" project.

Report informs, 500 mln USD of the funds will be submitted to the "Southern Gas Corridor" (SGC) CJSC.

Partially state guarantee is required for the remaining loan of 500 mln USD.

It was stated that 526 mln USD financing of the total amount of the loan will be carried out by a consortium of foreign banks and state guarantee by Azerbaijan is required for this purpose. The remaining funds will be directly allocated by the ADB.

Notably, 51% of the SGC owned by SOCAR, 49% by the Azerbaijani state.