BAKU, Azerbaijan, October 9.
The Asian Infrastructure Investment Bank (AIIB) and the Asian
Development Bank (ADB) will issue a total of $2 million for the
preparation of a feasibility study for the Caspian Green Energy
Corridor project.
This was reflected in the AIIB’s statement.
According to the information, the AIIB and the Government of
Azerbaijan have signed grant agreements totaling $1.1 million. The
funds are provided by the Multilateral Cooperation Center for
Development Finance (MCDF) financing facility, with the support of
the AIIB.
"A $1 million grant is allocated for the first phase of the
feasibility study for the 'Caspian Green Energy Corridor' project.
Additionally, the ADB will provide $1 million for technical
assistance.
The project entails laying a 400-kilometer subsea power cable
between Azerbaijan and Kazakhstan. Uzbekistan will connect to the
corridor via onshore power grids.
The study will assess the project's technical, economic,
financial, environmental, and social feasibility. It will also
examine electricity transmission options and cross-border trade
opportunities,” the bank reported.
The AIIB is a multilateral development bank that finances
infrastructure projects rooted in sustainable development. The bank
began operations in 2016; today, it has 111 approved members
worldwide, a capital base of $100 billion, and holds the highest
credit rating (AAA) from leading international rating agencies.
Together with its partners, the AIIB mobilizes capital and invests
in infrastructure and other productive sectors that foster
sustainable economic growth and strengthen regional
connectivity.
