The Government welcomes the landmark decision of the European Union which approved the granting of a 657 million euro grant. EUR 65565 million for the implementation of the EuroAsia Interconnector Project of Common Interest through which the national networks of Israel, Cyprus and Greece are connected.
It is also noted that this project is among those that the Republic of Cyprus has chosen to include in the Cyprus_tomorrow within the framework of the transition to the green economy, and therefore will receive an additional grant from the EU of 100 million euros.
With the EuroAsia electricity interconnection, Cyprus is geopolitically upgraded and the importance of the trilateral cooperation between Cyprus, Greece and Israel is highlighted in practice. It is an important milestone in the strategic choices of the three countries, which upgrades the energy objectives of the region.
The project ends the energy isolation of Cyprus, ensures the exploitation of its natural wealth, offers security of supply, facilitates the attraction of foreign investment, strengthens the effort for more competitive electricity prices and allows the increased use of electricity from cleaner sources, in particular renewable energy sources, by connecting the electricity grid of Cyprus to the European grid.
