The Board of Directors of the World Bank will approve the allocation of $1 billion loan to Turkey on July 7, 2016 for financing the TANAP project.
It is expected that additional $1.12 billion will be allocated by the European Investment Bank (EIB).
TANAP project envisages transportation of gas of Azerbaijan`s Shah Deniz field from Georgian-Turkish border to the western borders of Turkey. Turkey will get gas in 2018 and after completing the construction of Trans-Adriatic Pipeline (TAP), it will be delivered to Europe in early 2020. The total cost of the project is estimated at $9.8 billion.
The shareholders of TANAP are: the State Oil Company of Azerbaijan (SOCAR) - 58 percent, Botas - 30 percent and BP - 12 percent.
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