The Asian Development Bank (ADB) will provide a $500million loan to support the Shah Deniz 2 gas project in the Caspian Sea, the Azeri finance ministry said.
ADB and Azeri officials signed an agreement on the loan yesterday in Yokohama, though it is not yet clear when the funds will be paid, Reuters reported.
The $28billion Shah Deniz project is part of the Southern Gas Corridor project which involves expansion of the Southern Caucasus Pipeline and the construction of two more pipelines.
It is expected to add 16billion cubic metres of natural gas a year from 2019-2020.