New loan agreement for TANAP signed between Azerbaijan government and World Bank

Baku. 16 January. REPORT.AZ/ New loan agreement for Trans-Anatolian Pipeline (TANAP) has been signed between Azerbaijan government and World Bank (WB).

Report informs, ministry of finance hosted signing ceremony.

M.Tembon on behalf of WB and general director of Southern Gas Corridor (SGC) CJSC Afgan Isayev (beneficiary) and finance minister Samir Sharifov (guarantor) on behalf of Azerbaijan signed the agreement.

Notably, in December 20, 2016, the World Bank Board of Directors decided to allocate 800 mln USD credit 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.