“For additional gas from eastern shores of the Caspian – first, the Trans-Caspian Gas Pipeline must be built under the sea, and second from Baku to the European destination, another something like the Southern Gas Corridor must be built. And the main question is who will finance these important projects? And we don't have an answer,” said President of Azerbaijan Ilham Aliyev as he addressed the Shusha Global Media Forum on “New Media in the Era of the 4th Industrial Revolution”, APA reports.
“Therefore, before we find an answer who will finance it, I think, implementation or even some ideas about that will be unrealistic. And also you know very well that now European banks stopped financing the projects of fossil fuel. And therefore, it will be difficult to raise substantial money for that. Because, when we were building the Southern Gas Corridor, apart from corporate financing, we had financing from EBRD, EIB, ADB and also from the Asian Infrastructure Investment Bank. But now two of these European institutions - they are out, I hope temporarily, from the fossil fuel financing, therefore, who will finance it?” the head of state noted.
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