The Trans-Adriatic Pipeline (TAP) is intended to form a part of the massive Southern Gas Corridor, a network of pipes that will link Europe to the resource-rich shores of Azerbaijan.
As part of the immense costs involved with the project, the authorities in charge are counting on the EIB to grant it the largest loan in the EU bank’s history; some €1.5 billion.
But late yesterday the bank’s board deferred making a decision on the TAP loan, citing a need to look at the project more closely. As such, the loan will not be approved or denied before February next year after already resting on the bank’s books for nearly two years.
Environmental groups welcomed the board’s decision to delay, citing growing civil society action as a prime factor. In recent days, over 4,000 people had contacted high-ranking EIB members to express their opposition to the TAP project.