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EIB ready to finance up to 25% of Nabucco project

The European Investment Bank (EIB) is prepared to finance up to 25% of the cost of building the Nabucco gas pipeline, depending on the inter-government agreement on the project, which is under preparation, EIB chairman Philippe Maystadt said at a Nabucco summit in Budapest.

The inter-government agreement provides legal security, Maystadt said.

EIB financial advisors have already discussed the Nabucco project, but it is too early to give an answer on the project's financing, he said.

EIB has supported a number of energy projects in order to increase the security of Europe's gas supply. In 2008 alone, the EIB lent €48 billion, much of it for energy projects. (MTI – Econews)