Nord Stream, which is constructing an underwater gas pipeline from Russia to Germany through the Baltic Sea, has secured a €2.5 billion loan for the second stage of the project, The Wall Street Journal reports. A consortium of 24 financial institutions, including Barclays Bank, BNP Paribas, ING Groep, Credit Suisse and Natixis, is providing the financing, adds Bloomberg.

The commercial tranche is for €750 million, while the other €1.75 billion is covered by trade-credit insurer Euler Hermes, Italy’s SACE export credit agency and Germany’s UFK government loan guarantee program. The Nord Stream pipeline is expected to cost about €7.4 billion and will be financed with 70% external funding and 30% equity capital.

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