EBRD ready to allocate $500 mln loan to TANAP

Azerbaijan’s Southern Gas Corridor Closed Joint Stock Company may receive $500 million loan for the Trans Anatolian Natural Gas Pipeline (TANAP) from the European Bank for Reconstruction and Development (EBRD) .

A decision on allocating a loan will be made on October 18, abc.az reported.

The project’s total cost is estimated at $8.6 billion.

Along with the EBRD, a number of other international financial institutions will support the project. The World Bank has committed $800 million financing for TANAP and the Asian Infrastructure Investment Bank has committed $600 million. The European Investment Bank is also considering financing for the TANAP project.