LONDON: A major European development bank has approved a loan for construction of the Trans-Adriatic Pipeline (TAP) on Wednesday, in a boost for the developers of the 4.5 billion euro gas project.

The European Bank for Reconstruction and Development (EBRD) said its board of directors has approved a direct loan of up to 500 million euros ($583m) for TAP.

TAP, the final leg of a $40bn project called the Southern Gas Corridor to transport gas from central Asia to western Europe, is a cornerstone of the European Union’s energy security policy to wean the bloc off Russian gas supplies.

Published in Dawn, July 5th, 2018