European Investment Bank approves funding for TAP, Athens Metro Line 4

epa02773679 An exterior view of the European Investment Bank (EIB) Headquarters in Luxembourg, where Tajikistan's President Emomali Rahmon and Philippe Maystadt, the President of the European Investment Bank, withe their delegations met for talks, on 10 June 2011. EPA/NICOLAS BOUVY

The European Investment Bank (EIB) board approved 1.5 billion euros in financing for the Trans-Adriatic Pipeline (TAP) at their meeting in Luxembourg on Tuesday.

TAP will cross northern Greece, Albania and the Adriatic Sea before coming ashore in Southern Italy to connect to the Italian natural gas network.

The project is part of the Southern Gas Corridor, an initiative identified by the Council of Ministers, the European Commission, and the European Parliament as a strategically important component within the EU’s energy policy (Project of Common Interest).

In addition, the EIB approved financing for the construction of the new Line 4 of the Athens Metro and trains for the new route, as part of its funding for improvements in national transport infrastructures.