Finance Minister: Azerbaijan has no need to take a loan for Southern Gas Corridor Project


August 1, Fineko/abc.az. At Cabinet’s meeting, chaired by President Ilham Aliyev and devoted to socio-economic questions, Finance Minister Samir Sharifov pointed out that the government provides guarantees for some important projects.

Among such important projects is the Southern Gas Corridor. There was no need for the amount of funding envisaged for SGC Project implementation, although relevant negotiations with international financial institutions were held and the latter expressed readiness to allocate required financing.

"In view of the uselessness, we refused the first loan package of $2 bn. And now it is gratifying that Azerbaijan, due to the lack of need, can refuse from a loan of $750 million, raised previously under the guarantees of the Multilateral Investment Guarantee Agency (MIGA) for the SGC Project. That is, both at the expense of savings on this project and in connection with the launch of the project, our company already has a free financial flow to cover these debts at its own expense," the minister added.