World Bank: Role of SGC becoming increasingly important

The role of the Southern Gas Corridor (SGC) is becoming increasingly important, Roland Pryce, World Bank Regional Director for the South Caucasus, said at the 11th Southern Gas Corridor Advisory Council Ministerial Meeting and the 3rd Green Energy Advisory Council Ministerial Meeting held in Baku, Report informs.

"The World Bank is proud to have provided a $400 million loan for the development and implementation of the Trans-Anatolian Gas Pipeline (TANAP), a key segment of the Southern Gas Corridor. While our financial contribution is relatively small compared to the overall needs of this ambitious and impactful initiative, it has leveraged funding from other international financial institutions and has enabled the mobilization of private capital from other sources to meet the project’s needs," Pryce said.

According to her, a key component of the success of a complex initiative like the Southern Gas Corridor is the commitment of those financing the project to shared outcomes: "Against the backdrop of growing uncertainties around global trade and energy security, the role and value of regional initiatives like the Southern Gas Corridor in connecting resources and markets and diversifying access routes is becoming increasingly important."

Pryce added that regional initiatives related to the energy sector require significant investments. In this regard, cooperation with the private sector is of great importance.