Azerbaijan, Baku, Jan. 27 / Trend , A.Badalova /
The heads of the EU's European Investment Bank and the European Bank for Reconstruction and Development (EBRD) said that their institutions are prepared to provide financial backing for the Nabucco gas pipeline project, DPA reported.
"The EIB is ready to finance projects that further EU objectives of increased sustainability and energy security," said the president of the European Investment Bank Philippe Maystadt during the opening addresses by participants in a "Nabucco summit" in Hungary on Tuesday.
The EIB is prepared to finance "up to 25 per cent of project cost," provided a secure intergovernmental agreement on the Nabucco pipeline is reached, he said. Maystadt noted that of 48 billion euros of financing it provided last year, a quarter was for energy projects.
EBRD President Thomas Mirow also offered financial backing to the Nabucco pipeline, on the condition that it "meets the requirements of solid project financing.
The bank would need to see concrete plans and completion guarantees, besides a stable political agreement, said Mirow
The Nabucco project worth $12.4 billion will deliver Azerbaijani and Central Asian gas to the EU. Construction of the pipeline is expected to commence in 2010. Its maximum capacity will be 31 billion cubic meters per year. Nabucco shareholders are the Austrian OMV, Hungarian MOL, Bulgarian Bulgargaz, Romanian Transgaz, Turkish Botas and German RWE with 16.7 percent each.