The European Investment Bank (EIB) will allocate one billion euros to finance the construction of the Trans-Anatolian Pipeline (TANAP) project, Bloomberg reported with reference to EIB Vice-President Pim Van Ballekom.
He said that the funds will be used to finance Turkish Botas company’s share in TANAP.
Pim Van Ballekom added that the World Bank (WB) will also allocate some funds.
"The bank is expected to approve the loan till late April 2016,” he said. “The first tranche will be allocated in August."
TANAP project envisages transportation of gas of Azerbaijan’s Shah Deniz field from Georgian-Turkish border to the western borders of Turkey.
The initial capacity of TANAP is expected to reach 16 billion cubic meters of gas per year.
Around six billion cubic meters of this gas will be delivered to Turkey and the remaining volume will be supplied to Europe.
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.
Currently, the shareholders of TANAP are: the State Oil Company of Azerbaijan (SOCAR) – 58 percent, Botas – 30 percent and BP – 12 percent.