The European Bank for Reconstruction and Development (EBRD)'s board of directors has approved a loan of up to €500 million for the Trans-Adriatic Pipeline (TAP) gas project at a meeting in Ukraine on Wednesday.

The €4.5 billion TAP project is the final leg of the $40 billion Southern Gas Corridor to transport gas from central Asia to western Europe by 2020.

The European Investment Bank's board earlier this year approved TAP's eligibility for a €1.5 billion loan, and further contributions from the export credit agencies of France, Germany and Italy are under consideration, the EBRD said in a statement.

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