AIIB, ADB To Provide $2M For Caspian Green Energy Corridor Study
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.
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