Greece and Cyprus have jointly moved to secure funding for a major cross-border energy project, formally requesting financial support from the European Investment Bank (EIB).
In a coordinated initiative, the two countries’ energy ministers sent a joint letter to the EIB seeking financing for the Great Sea Interconnector (GSI), a large-scale electricity link aimed at strengthening regional energy connectivity. The request follows recent updates to the project’s economic and technical parameters, as referenced in statements by the two nations’ leaders.
According to the letter, both governments have already incorporated the project into their respective National Energy and Climate Plans, underlining its strategic significance. The ministers also pointed to a memorandum of understanding signed in September 2024, which outlines the roadmap for advancing the initiative.
They emphasized that the EIB’s involvement at this stage is crucial—not only for funding, but also for providing technical assessments on how the interconnection could impact electricity markets and the broader energy system.
The letter further stresses the importance of aligning the project with the latest European energy policies, including network development plans and climate objectives set by the European Union.
The appeal comes amid broader discussions over regional energy integration. It is noted that the only approved project linking Cyprus to the European electricity grid is the Great Sea Interconnector, with any alternative proposals requiring the consent of the Cypriot government.
