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15 April, 2024
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EIB turns down funding for Great Sea Interconnector project

Cyprus-Greece-Israel energy link hits roadblock


The European Investment Bank (EIB) has declined to finance the Great Sea Interconnector project, linking Cyprus, Greece, and Israel. Kyriakos Kakouris, EIB Vice President, confirmed the decision, stating that no new funding request has been submitted by the Republic of Cyprus.

Kakouris reiterated that the EIB's stance was communicated to the Ministry of Energy and the Ministry of Finance months ago. Despite discussions and a previous negative evaluation, Kakouris hinted at a possible reassessment by the Cypriot government.

Earlier, Energy Minister George Papastasiou announced the government's intention to contribute €100 million to the project. However, pending a necessary due diligence report, progress remains stalled despite positive assessments from external consultants.

Responding to comments from the Cyprus Chamber of Commerce and Industry President Stavros Stavrou regarding funding for renewable energy absorption, Kakouris clarified that the EIB hasn't received any requests from the relevant authorities.

Acknowledging delays in modernizing the network to accommodate renewable sources, Kakouris emphasized the importance of infrastructure upgrades for successful green transitions. Pilar Solano, EIB Director for Central and Southeastern Europe, echoed the sentiment, emphasizing the bank's commitment to supporting grid modernization efforts for sustainable energy production.

[With information sourced from CNA]

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