AIIB approves $600m loan for Azerbaijan
The Asian Infrastructure Investment Bank has approved a loan of $600 million to finance an energy project in Azerbaijan. The decision was made by the bank’s board of directors on Wednesday. The loan, the largest the bank has made, will be used to support construction of a natural gas pipeline from Azerbaijan through Turkey, known as the Trans Anatolian Natural Gas Pipeline Project, the bank said on Thursday. Once completed, the project will transport natural gas from fields in Azerbaijan into Turkey and then on to markets in southern Europe. The construction of the pipeline will create jobs in Azerbaijan and Turkey.