New loan agreement for TANAP will be signed today in Baku - EXCLUSIVE

Baku. 16 January. REPORT.AZ/ World Bank (WB) regional director Mercy Tembon arrived in Baku today. Report informs, M.Tembon’s mission will end tomorrow.

The bank official came to Baku to sign loan agreement with Azerbaijan government for Trans-Anatolian Pipeline (TANAP).

Report was informed in government circles, 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 will ink 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.

Notably WB’s Multilateral Investment Guarantee Agency (MIGA) has approved 1.2 billion USD investment guaranty for TANAP project. MIGA’s guaranty enables to attract cheaper loans from other funds.