The Trans Adriatic Pipeline (TAP) may be receiving a 鈧�1.5 billion loan from the European Bank for Reconstruction and Development (EBRD); the largest loan on record.
EBRD鈥檚 Managing Director of Energy, Riccardo Puliti, stated: "We are considering up to 鈧�500 million of our own money for TAP plus we will try to arrange with other banks up to 鈧�1 billion in a syndicated loan. Together with financing from the European Investment Bank (EIB), project sponsors' equity and export credit agencies, I think the project will be fully financed.鈥�
EIB has also stated that it was may grant 鈧�2 billion to TAP. Massimo D'Eufemia, EIB Official Representative, said: "We also want to assure that there will be EIB's long-term funds and resources for successful completion of these projects, and we're also considering to finance the other components of the Southern Gas Corridor.鈥�
As part of the Southern Gas Corridor, TAP 鈥� a 870 km natural gas pipeline 鈥� will connect to the Trans Anatolian Pipeline (TANAP) at the Turkey-Greece border and deliver gas to the south of Italy. This pipeline is intended to reduce the EU鈥檚 dependency on natural gas that transported from Russia.
A groundbreaking ceremony will take place on 17 May in Greece to celebrate the construction of the TAP pipeline project.
Edited from various sources by
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