BEIJING Dec 21 The China-backed Asian
Infrastructure Investment Bank (AIIB) has approved a $600
million loan to finance a natural gas pipeline from Azerbaijan
through Turkey, it said on Wednesday, taking its total loans in
its inaugural year to $1.73 billion.
Once completed, the Trans Anatolian Natural Gas Pipeline
Project will transport natural gas from fields in Azerbaijan
into Turkey and then markets in Southern Europe, AIIB said in a
The latest loan was granted to Azerbaijan state-owned
company Southern Gas Corridor (SGC) to build the 1,850-kilometre
pipeline, part of a project that also includes developing Shah
Deniz 2 gas field in the central Asian nation, AIIB said.
Chinese President Xi Jinping proposed the bank two years ago
and it began operations in January, with 57 founding member
countries and $100 billion in committed capital, which it plans
to invest in projects across the region.
(Reporting by Chen Aizhu; editing by Louise Heavens)