ECONOMY

EuroAsia Interconnector precious for regional security

EuroAsia Interconnector precious for regional security

The Israel-Cyprus-Greece electricity interconnection will consolidate Greece’s strategic cooperation with the two countries and is an important step in enhancing security and prosperity in the wider region, Environment and Energy Minister Kostas Skrekas said on Friday, after the European Commission approved the funding of the EuroAsia Interconnector project.

According to the decision, the EU will allocate 657 million euros to support the interconnection between Cyprus and the European network, while another €100 million will be given under the Recovery and Resilience Facility.

“The decision of the European Commission to finance the electricity interconnection of Greece-Cyprus-Israel with €657 million is of historic importance,” Skrekas said, and added: “It is a clear vote of confidence by Europe in this strategically important project, which will connect the electricity transmission system of Cyprus with Europe and take it out of energy isolation. It is also the first step in the implementation of this project of special geopolitical importance, ensuring to a large extent its uninterrupted financing.”

“With this project, we further consolidate our strategic cooperation with Cyprus and Israel and take an important step for enhancing security and prosperity in the wider region,” he noted.