European Investment Bank eyes to finance TANAP, TAP

Baku hosted discussions on funding the Southern Gas Corridor (SGC), Azerbaijan’s Energy Ministry said in a message Feb. 24.

Azerbaijani Energy Minister Natig Aliyev, Director of Central and South Eastern Europe Department at the European Investment Bank (EIB) Flavia Palanza, Director General of Southern Gas Corridor CJSC Afgan Isayev, Head of the Energy Security Division at the EIB Rajan Sanjoy, his deputy Peter Jeffreys, as well as Senior Loan Officer at the EIB Tekin Cotuk took part in the discussions, Trend reports.

During the meeting, the Azerbaijani minister said that despite the economic difficulties in the world, there are no problems related to financing and attracting credit sources to the SGC project.

“In one year, it was possible to get financial support for SGC from the World Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, the International Bank for Reconstruction and Development, and the European Bank for Reconstruction and Development, as well as attract the attention of the EIB,” he said.

In turn, Flavia Palanza said Azerbaijan’s priorities are also the goals for Europe.

She said the EIB plans to finance TANAP and TAP projects.

Sufficient awareness plays a special role when making financial decisions on any project, added Palanza.

She also inquired about gas reserves, export opportunities and domestic demand in Azerbaijan and noted that regular exchange of information will affect the bank’s involvement in the projects.

The sides also discussed the prospects for financing renewable energy projects.