WB backs feasibility study for Black Sea bottom cable project, Rolande Pryce says

The decision to embark on a groundbreaking endeavour to lay a cable along the bed of the Black Sea stems from a collaborative effort involving several key stakeholders.

According to Azernews, the World Bank Director for the South Caucasus, Rolande Pryce, said this.

Pryce, recently announced the institution's pivotal role in supporting the preparatory stages of this ambitious project. The World Bank's backing signifies a significant step forward in addressing the region's energy needs and fostering international cooperation.

According to Price, the forthcoming feasibility study is poised to be a comprehensive evaluation, encompassing various critical dimensions. Technical specifications, economic viability, financial feasibility, as well as institutional and legal frameworks will all undergo meticulous scrutiny. This holistic assessment aims to provide a thorough understanding of the project's feasibility, serving as a blueprint for its successful implementation.

A landmark development occurred in December 2022, when the governments of Georgia, Azerbaijan, Romania, and Hungary came together to formalize an agreement regarding the cable's installation. This multinational accord underscores a shared commitment to advancing regional energy infrastructure and promoting cross-border energy transmission.

To spearhead the preparatory phase of the feasibility study, the task has been entrusted to CESI, a prominent Italian energy consulting company renowned for its expertise in the field. With their specialized knowledge and technical prowess, CESI is poised to play a pivotal role in shaping the trajectory of this transformative initiative.

As anticipation builds for the completion of the feasibility study, scheduled for July 2024, stakeholders remain optimistic about the prospects of leveraging the Black Sea's strategic location to enhance energy connectivity between the South Caucasus region and Europe. This collaborative effort signifies a paradigm shift in regional cooperation, poised to usher in a new era of sustainable energy development and economic prosperity.