European Investment Bank to allocate $1.3 bn for TANAP


The European Investment Bank (EIB) will give a loan for financing Trans-Adriatic Gas Pipeline (TANAP)

TANAP consortium CEO Saltuk Duzyol said in an interview for Turkish news agency Anadolu that the EIB will finance totally $1.3 bn to Southern Gas Corridor CJSC and BOTAS in the near future.

"Such a decision was taken after the European Bank for Reconstruction & Development allocated $500 million for TANAP. So, the EBRD, the World Bank and the Asian Development Bank have lent $2.5 bn within the project as a whole. The consortium built a model for guaranteed repayment of the loan debt that greatly facilitates the work of financial institutions," the CEO said.

He added that so far it has been raised AN 3.95 bn on all the loan agreements on the TANAP project.

In accord with the agreement, equity participation in the Tanap Project is as follows: Southern Gas Corridor CJSC - 20%, BP - 20%, Snam -20%, Fluxys - 19%, Enagás - 16%, and Axpo - 5%.