Your Excellency Mr. Minister,
Distinguished colleagues, ladies and gentlemen,
Thank you for the kind invitation to join the launch of the Trans-Anatolian Natural Gas Pipeline (TANAP) Project. This transformational project is the first realization of Europe’s southern gas corridor, which aims to bring gas from the Caspian Sea to Europe through Turkey (and Georgia). In doing so, the project helps Turkey to secure its own energy supply and Azerbaijan to diversify its gas export markets. The pipeline is also key to integrating the gas markets of South Eastern Europe.
We are happy that the World Bank Group, as a long-standing partner, was provided an opportunity to support Turkey and other countries in realizing this highly ambitious and complex regional project.
Let me congratulate everyone involved in this success! The World Bank long-term loan to Turkey through BOTAS, and to Azerbaijan through SGC, are an example of the World Bank being able to support regional projects and economic integration.
In addition, the World Bank Group’s Multilateral Investment Guarantee Agency (MIGA) is extending a guarantee envelope of up to US$1.2 billion which will help to raise part of the US$2 billion in private sector financing beyond BP’s own US$1 billion shareholder contribution. A US$23 million social and environmental program will be included to help affected communities with livelihoods.