ECONOMY

Israel-Greece-Cyprus power grid link signed in Nicosia

Israel, Greece and Cyprus on Wednesday signed an agreement in Nicosia for the linking of their electricity grids via a 2,000-megawatt underwater cable – known as the EuroAsia Interconnector, which is part of the European Union’s Projects of Common Interest plan.

Israeli Energy Minister Sylvan Shalom hailed the signing of a memorandum of understanding on issues of energy and water resources between the three countries as “of historic significance.”

He said relations between Israel and Cyprus were better than ever and that the memorandum will further strengthen them.

Cypriot Agriculture and Natural Resources Minister Nikos Kougialis said the neighboring countries were also launching a new cooperative scheme in the biological treatment of urban waste and in the use of recycled water in farming.