EBRD considering financing TAP with an amount of up to €1.5 billion

EBRD considering financing TAP with an amount of up to €1.5 billion

Athens, May 13, 2016/ Independent Balkan News Agency

By Spiros Sideris

The European Bank for Reconstruction and Development (EBRD) is considering funding the construction of the Trans Adriatic Pipeline (TAP) with an amount of up to 1.5 billion euros, the CEO of EBRD for energy said in an interview with Reuters on Thursday.

“We are considering providing an amount of up to 500 million euros of our funds for TAP and we will try to agree with other banks on a syndicated loan of up to 1 billion euros” said Riccardo Puliti.

He added that the total loan will be the largest the EBRD has ever provided.

The construction of TAP is expected to cost approximately 6 billion euros.

“Together with funding from the EIB, funds from the project sponsors and by export credit agencies, I think it will be fully funded,” the head of the EBRD noted.

On Tuesday, May 17, the agreement for the construction of the pipeline will be signed between the signatory countries. According to information of IBNA, besides Greek Prime Minister Alexis Tsipras, the signing ceremony will also be attended by the President of Azerbaijan Ilham Aliyev, Turkish Prime Minister Ahmet Davutoglu, Bulgarian President Rosen Plevneliev, Albanian Prime Minister Edi Rama, while the representation of Italy, USA and the EU is not yeat clear.