LONDON, Jan. 11 (Xinhua) -- The Trans Adriatic Pipeline (TAP) has secured a total funding of 3.9 billion euros from public and private lenders, the European Bank for Reconstruction and Development (EBRD) said on Friday.
The 878-kilometer pipeline, a priority project of the European Union (EU) and the Energy Community, will start at the Greek/Turkish border, cross Albania and, after passing under the Adriatic Sea, terminate in southern Italy.
The EBRD is part of this consortium, with a 1-billion-euro loan syndicated to a group of 16 commercial banks, it said.
The pipeline will have an initial annual capacity of 10 billion cubic meters, enough to serve the energy needs of seven million households. First delivery of gas is expected in 2020.
It will also make energy supply for consumers more reliable and achieve significant CO2 reductions by offering an alternative to more polluting energy sources, supporting the transition to low-carbon economies in line with the EBRD's new energy sector strategy.
"The TAP will set the foundation for an integrated gas market across southeastern Europe, and enhance the region's strategic status as an energy hub," said Nandita Parshad, EBRD managing director for sustainable infrastructure. (1 euro = 1.15 U.S. dollars)
