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02 December, 2023
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Petrides: ''EIB denies EuroAsia funding, government's involvement a no-go''

Former Finance Minister comments on loan denial, raising doubts over project's path forward


Constantinos Petrides, the former Finance Minister, has reacted to the recent refusal of the European Investment Bank (EIB) to provide funding for the EuroAsia Interconnector electricity interconnection project. Taking to social media, Petrides shared his viewpoint on the project's current situation and emphasized the importance of transparency.

Following the viability study-based refusal from the EIB, Petrides asserted that the government's involvement in the project, whether through equity participation or the provision of guarantees, is no longer feasible.

"In light of the project's rejection, there remains no room for the government to participate, either through equity or guarantees," Petrides stated. He made these remarks on the occasion of the issue's coverage in the Sunday edition of the "K" newspaper.

In addition to addressing the project's rejection, Petrides highlighted the significance of transparency. He underscored that extensive information was conveyed to Cypriot officials and the project operator by the European Investment Bank (EIB). Petrides argued that, in the interest of transparency, it is vital for citizens to be fully informed about the EIB's reasoning and findings.

"The need for transparency is paramount. Citizens deserve clarity on the EIB's rationale and findings," Petrides remarked.

Drawing attention to the investigative report in the "K" newspaper, Petrides noted that it substantiates the concerns he raised in previous inquiries on July 19. He expressed optimism for a comprehensive parliamentary debate that will address the issue transparently and comprehensively.

"I trust that the upcoming parliamentary debate will be constructive and will shed light on all aspects of the issue," Petrides added.

The EuroAsia Interconnector project aims to establish an electricity interconnection between Cyprus, Israel, and Greece. The rejection of funding for the project by the EIB has cast doubt on its viability and future prospects.

Cyprus  |  Europe  |  Greece

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