The European Bank for Reconstruction and Development (EBRD) is considering to support the construction of Trans-Adriatic gas pipeline (TAP) with a loan of up to 1.5 billion euros, said Ricardo Pulliti, EBRD’s Director in charge of energy.
Pulitti explained that the bank is considering to approve a loan for TAP of up to 500 million euros from its own funds, and will also try negotiating with other banks for a syndicated loan of up to one billion euros. Pulitti believes that with the loan from the European Investment Bank (EIB), the property of TAP AG and funds from export credit agencies, the project will surely be fully financed. The project is very important since it is the first gas pipeline which will reduce European dependence on Russian gas, particularly with the planned construction of Nord Stream 2 pipeline, which aims to further cement Russian presence on the European energy market.
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Tags: EBRD, gas, loan, pipeline, Region, TAP