Baku Energy Forum - IDB ready to finance Southern Gas Corridor

IDB ready to finance Southern Gas Corridor


The Islamic Development Bank (IDB) is ready to participate in financing of the Southern Gas Corridor project, Sayed Aqa, IDB vice-president, said in an exclusive interview with Trend.

The talks concerning this issue are still underway, according to him.

"A number of technical issues are now being discussed. As soon as they are solved, IDB will become a partner [of Azerbaijan] in this project," he said.

Sayed Aqa noted that not only export of energy resources but also the efficiency of their use is very important.

A mission headed by IDB Vice-President Sayed Aqa was in Baku in Jan. 17-20. A grant agreement which envisages the study of the possibilities of introduction of Islamic banking principles in Azerbaijan was signed during the visit.

The Southern Gas Corridor envisages transportation of 10 billion cubic meters of Azerbaijani gas from the Caspian region to Europe via Georgia and Turkey.

The gas will be exported through expansion of the South Caucasus Pipeline and the construction of the Trans-Anatolian Natural Gas Pipeline and the Trans Adriatic Pipeline.