ADB and AIIB Fund $2 Million Feasibility Study for Caspian Green Energy Corridor Project
Asian Development Bank (ADB) and Asian Infrastructure Investment Bank (AIIB) commit $2 million for Caspian Green Energy Corridor project
The Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB) have joined forces to provide $2 million in technical assistance for the preparation of a feasibility study for the “Caspian Green Energy Corridor” project, revealed Azerbaijan’s Minister of Energy, Parviz Shahbazov at a recent press conference.
The project, aimed at establishing a green energy corridor connecting Central Asia to Azerbaijan through the Caspian Sea, was initiated with the signing of an agreement during the COP29 summit in November 2024.
Minister Shahbazov announced the agreement for funding the feasibility study of the project, stating that three countries have partnered with ADB and AIIB to secure the $2 million in technical assistance.
The Caspian Green Energy Corridor project holds great promise for promoting sustainable energy practices and fostering regional cooperation in the realm of green energy initiatives. The collaboration between ADB and AIIB signifies a significant step towards realizing the objectives of this transformative endeavor aimed at harnessing the potential of renewable energy sources for the benefit of multiple nations.
The allocation of funds for the feasibility study underscores the commitment of both development banks to supporting environmentally-friendly and economically viable projects that contribute to the overall sustainability and energy security of the region. The successful implementation of the Caspian Green Energy Corridor project is expected to pave the way for enhanced energy connectivity and the adoption of clean energy solutions in the participating countries.
