The Asian Infrastructure Investment Bank (AIIB) and the Asian Development Bank (ADB) plan to provide $2 million to prepare a feasibility study for the Caspian Green Energy Corridor project.
The infrastructure bank has already allocated a $1 million grant for the first phase of the feasibility study.
The project envisages the construction of a 400-kilometer subsea electricity cable connecting Azerbaijan and Kazakhstan, while Uzbekistan will join the corridor through land-based power grids.
The study will assess the project's technical, economic, financial, environmental and social feasibility. It will also examine electricity transmission options and opportunities for cross-border electricity trade.
"The ADB will provide an additional $1 million in technical assistance, bringing total support for the study to $2 million. The AIIB and ADB will work together on project preparation," the AIIB said in a statement.
