BAKU, Azerbaijan, April 4. The Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB) have allocated $2 million in funding for the Caspian Green Energy Corridor project, which involves Azerbaijan, Kazakhstan, and Uzbekistan, Azerbaijan's Energy Minister Parviz Shahbazov said at a press conference held today in Baku as part of the South Gas Corridor and Green Energy Advisory Council meetings, Trend reports.
“We are working on a project to develop a green electricity transmission line between Azerbaijan, Kazakhstan, and Uzbekistan. As you know, the heads of state of the three countries signed an intergovernmental agreement during COP29. Today, to support the financing of this project, both the ADB and AIIB have allocated $2 million in funds. We, the three countries and the two banks, have also signed a document on this decision,” Shahbazov said.
To note, the signing ceremony of the Memorandum of Understanding between the Ministry of Energy of Azerbaijan, the Ministry of Energy of Kazakhstan, the Ministry of Energy of Uzbekistan, the Asian Development Bank, and the Asian Infrastructure Investment Bank was held within the Southern Gas Corridor Advisory Council 11th Ministerial Meeting and the Green Energy Advisory Council 3rd Ministerial Meeting in Baku.
The representatives of ADB and AIIB joined the document signed by the energy ministers of Azerbaijan, Kazakhstan, and Uzbekistan.
This memorandum envisages the cooperation between Azerbaijan, Kazakhstan, and Uzbekistan in order to support the first stage of the feasibility study of the “Caspian Green Energy Corridor” project.
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