13 December, 2018

IsDB can take part in Trans-Caspian pipeline project

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The Islamic Development Bank (IsDB) is ready to explore the possibility of supporting the implementation of the Trans-Caspian pipeline, Director of the Regional Hub of the IsDB Group in Turkey Saleh Jelassi said in an interview with Trend and Azernews.

"The IsDB is ready to explore possible support for the Trans-Caspian pipeline project if the Republic of Azerbaijan and other stakeholders decide to approach the IsDB Group as a potential partner," he said.

Jelassi said the Trans-Caspian pipeline project has the potential to facilitate growth and development in two key regions - the Caucasus and Central Asia.

In addition, he noted that supporting economic infrastructure and connectivity are major pillars of the IsDB Group's Ten-Year Strategy.

"We believe that the Trans-Caspian pipeline project will potentially play a highly significant role in strengthening cooperation between two major Member Countries of the Islamic Development Bank, i.e., Azerbaijan and Turkmenistan," Jelassi said.

In 2011, the European Union adopted a mandate to negotiate signing of a legally binding agreement between the EU, Azerbaijan and Turkmenistan for the construction of the Trans-Caspian pipeline.

The Trans-Caspian Pipeline Agreement will lay the foundation for construction of a sub-sea pipeline connecting Turkmenistan with Azerbaijan, and also for connection of this pipeline with the infrastructure that will deliver gas from Central Asia to the EU.

Azerbaijan joined the Islamic Development Bank in 1992. The main areas of interest of IsDB in Azerbaijan are energy, irrigation, road construction and agriculture.

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