President of the European Bank for Reconstruction and Development (EBRD), Suma Chakrabarti has stated that the organisation is considering whether it will financially support the development of the Trans Adriatic pipeline (TAP), which plans to bring Azerbaijani gas across the Balkans to Italy.
Trend stated: 鈥淐hakrabarti made the remarks during a meeting with Albania鈥檚 Prime Minister Edi Rama, Associated Press reported.鈥�
鈥淚n the energy sector, the EBRD is well aware of the need to secure energy for Europe which is affordable and acceptable from the point of view of climate change,鈥� said Chakrabarti. 鈥淚n this context, we are positive about the TAP, a project that develops the three characteristics of energy security, energy access and environmental sustainability.鈥�
News.az reported that the EBRD has confirmed that negotiations for 鈧�500 million in direct financing have begun and that it plans to attract up to 鈧�1 billion from commercial banks.
The TAP project proposes transportation of gas from Azerbaijan's Shah Deniz gas and condensate field to EU countries. The pipeline will run for 878 km (550 miles), from the border between Greece and Turkey through to southern Italy, including a 105 km (65 mile) stretch under the Adriatic Sea.
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