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AP National Business

Israel, Cyprus, Greece power cable link secures EU funding

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Published 3:36 AM

By MENELAOS HADJICOSTIS
Associated Press

NICOSIA, Cyprus (AP) — Cyprus’ energy minister says the European Union has earmarked 657 million euros ($736 million) for the construction of a 2,000-megawatt undersea electricity cable linking the power grids of Israel, Cyprus and Greece. Energy Minister Natasa Pilides told reporters on Thursday the funding is Cyprus’ largest-ever investment as well as the lion’s share of the total sum that the EU’s facility that bankrolls infrastructure projects has allocated to a single project this year. Pilides said the money enables crews to start constructing the segment of the cable that will connect Cyprus with the Greek island of Crete whose total cost is estimated at roughly 1.6 billion euros ($1.8 billion).

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