Update on the Cyprus-Greece electrical interconnection project

A meeting held in Nicosia regarding the electrical interconnection project clarified that the IPTO will be responsible for securing and repaying the loan for the project, rather than the governments of Greece and Cyprus. Following a November agreement between President Nikos Christodoulides and Prime Minister Kyriakos Mitsotakis, the European Investment Bank (EIB) was selected to conduct a due diligence study. There has been a seven-month delay since the initial decision to initiate this study. It remains currently uncertain whether the study will be conducted by EIB staff or external private contractors, which could cause further delays. The forthcoming report is expected to detail the project's revised costs, completion timeline, and overall financial viability for investors and consumers. Concerns persist regarding whether the study will address critical geopolitical challenges alongside technical and economic factors. The project's future remains subject to the final outcome of this due diligence process.