Cyprus Reaffirms Commitment to Great Sea Interconnector Amid Technical Delays

Cyprus reiterated its support for an electric transmission cable project connecting Greece, Cyprus, and Israel. However, financial and technical details need resolution before further investment. The project's estimated cost is 2.4 billion euros, with Cyprus pledging 25 million euros annually over five years. Discussions between leaders continue to ensure project viability.

In a reaffirmation of its commitment to the ambitious Great Sea Interconnector, Cyprus announced it would maintain its support for the planned electric transmission cable linking Greece, Cyprus, and Israel. However, both financial and technical specifics still require detailed resolution before Cyprus invests additional funds into what would be the world's longest and deepest underwater power cable.

The 2.4 billion euro project has sparked a rare strain between Greece and Cyprus. Greek Prime Minister Kyriakos Mitsotakis expressed a desire for swift finalization, whereas Cypriot President Nikos Christodoulides called for assurances of the project's viability. Both leaders discussed the matter extensively during a meeting in Athens.

Christodoulides confirmed Cyprus's political commitment to the project and indicated potential financial involvement following a finalized due diligence report. Additionally, Cyprus expects the formation of a special-purpose vehicle, with advanced consultations reportedly occurring with unnamed third countries. Nicosia has committed to contribute 25 million euros annually over five years but remains cautious about further financial involvement until all project aspects are thoroughly reviewed.

(With inputs from agencies.)