The World Bank’s board of directors approved loans of $400 million each for Turkey and Azerbaijan, for the Trans-Anatolian Natural Gas Pipeline (TANAP) project.
The loans will be supplied through the World Bank's subsidiary, the International Bank for Reconstruction and Development (IBRD).
Turkey's Petroleum Pipeline Corporation (BOTAS) will be in receipt of the loan in Turkey guaranteed by the Republic of Turkey with a maturity of 24 years.
In Azerbaijan, the Southern Gas Corridor (SGC) closed Joint Stock Company will obtain the loan with a guarantee from the Republic of Azerbaijan based on a 30 year maturity period, the Anadolu Agency reports.
