• strict warning: Non-static method view::load() should not be called statically in /base/1008/public_html/sites/all/modules/views/views.module on line 879.
  • strict warning: Declaration of views_handler_filter::options_validate() should be compatible with views_handler::options_validate($form, &$form_state) in /base/1008/public_html/sites/all/modules/views/handlers/views_handler_filter.inc on line 0.
  • strict warning: Declaration of views_handler_filter::options_submit() should be compatible with views_handler::options_submit($form, &$form_state) in /base/1008/public_html/sites/all/modules/views/handlers/views_handler_filter.inc on line 0.
  • strict warning: Declaration of views_handler_filter_term_node_tid::value_validate() should be compatible with views_handler_filter::value_validate($form, &$form_state) in /base/1008/public_html/sites/all/modules/views/modules/taxonomy/views_handler_filter_term_node_tid.inc on line 0.
  • strict warning: Declaration of views_handler_filter_boolean_operator::value_validate() should be compatible with views_handler_filter::value_validate($form, &$form_state) in /base/1008/public_html/sites/all/modules/views/handlers/views_handler_filter_boolean_operator.inc on line 0.
  • strict warning: Declaration of views_plugin_style_default::options() should be compatible with views_object::options() in /base/1008/public_html/sites/all/modules/views/plugins/views_plugin_style_default.inc on line 0.
  • strict warning: Declaration of views_plugin_row::options_validate() should be compatible with views_plugin::options_validate(&$form, &$form_state) in /base/1008/public_html/sites/all/modules/views/plugins/views_plugin_row.inc on line 0.
  • strict warning: Declaration of views_plugin_row::options_submit() should be compatible with views_plugin::options_submit(&$form, &$form_state) in /base/1008/public_html/sites/all/modules/views/plugins/views_plugin_row.inc on line 0.
“Standard and Poor’s” agency kept the international loan rating of Azerbaijan as stable in a special assessment***The Milli Majlis adopts a law on the execution of the state budget for 2016***Ministry of Finance recommends referring to official data in statements about IBA***

Azerbaijani Government and World Bank signs a loan agreement on TANAP project

Azerbaijani Government and World Bank signs a loan agreement on TANAP project

16.01.2017

The loan agreement at amount of $400 million was signed between SGC Director General Mr. Afgan Isayev and World Bank regional director for the South Caucasus Ms. Mercy Tembon, and the guarantee agreement on the loan agreement was signed between Minister of Finance Mr. Samir Sharifov on behalf of the Government of Azerbaijan and Ms. Mercy Tembon.
At the signing ceremony, minister of finance Mr. Samir Sharifov stated that the international financial institutions keep successively supporting the implementation of the South Gas Corridor project, which is a striking example of trust and confidence in Azerbaijan and the South Gas Corridor project implemented under its leadership and initiative at the international dimension. The minister mentioned that the Asian Development Bank and Asian Infrastructure and Investment Bank also confirmed relevant financial support in line with the World Bank: “President Ilham Aliyev emphasized that the project has particular importance not only for Azerbaijan, but also for Europe and the region. The leading force of the implementation of the project is the Republic of Azerbaijan.”

The minister also stated that the South Gas Corridor project is very effective from economic and commercial point of view and recalled business conducted with a number of investors in this area: “The payments on the loans received from the World Bank and other sources will be realized by the South Gas Corridor Company at the revenues from the project in future. However, the loan agreement is guaranteed by the government taking into consideration the implementation of the project soon.”
World Bank regional director for the South Caucasus Ms. Mercy Tembon expressed satisfaction with the signing of legal agreements on TANAP as a result of the intensive work carried out for months by the delegations of the World Bank and the Azerbaijan Republic: “We are confident that this project will bring great benefits to the Azerbaijani nation by enhancing the role and competitiveness in regional trade and expanding export of the country.” Ms. Tembon stated that this cooperation created great enthusiasm in them and expressed interest in further expansion of relations with Azerbaijan as a reliable partner.
The main goal of the South Gas Corridor project is to ensure the development of second phase of exploitation of “Shahdeniz” gas condensate field and the export of natural gas extracted from the field to Turkey and Southern Europe via the South Caucasus Gas Pipeline to be expanded and TANAP and Trans-Adriatic Pipeline (TAP) to be constructed in the perspectives. Taking into account the importance of the South Gas Corridor for all the countries involved in the project, the Asian Infrastructure and Investment Bank, which is co-funded by a number of international financial institutes, including the World Bank, supports this project.
It should be noted that the “South Gas Corridor” CJSC was established under the Decree No. 287 dated February 25, 2014 of the President of the Republic of Azerbaijan on the “Actions related to projects on the second phase of development of Shahdeniz gas-condensate field and the establishment of South Gas Corridor” as a closed joint stock company with 51% of shares owned by the Ministry of Economy and 49 % of shares by SOCAR.