Power cable a ‘landmark project’

The Great Sea Interconnector is a “landmark project”, President of the House finance committee Christiana Erotokritou told the European parliament in Brussels on Tuesday.

She said the cross-border benefits of the project connecting the grids of Cyprus, Greece and Israel, had been appraised.

“The landmark project, partially funded by the EU, aims to end the energy isolation of Cyprus and to integrate it into the European energy network,” the MP said, adding that it was imperative to create a permanent strategic investment fund for it, in the context of the EU’s next multiannual financial framework (MFF).

“The European Investment Bank can play a key role, as it has the necessary expertise and tools to effectively manage and evaluate strategic investment projects based on their added value for the EU, and their contribution to its strategic objectives,” Erotokritou said.

Deepening and expanding the EU’s single market for goods and services is also crucial to maintaining and further strengthening the union’s global competitiveness, the MP said.

Concluding, Erotokritou appraised the current momentum ahead of the European parliamentary elections as the time to review the EU’s long-term investment strategy, taking into account that the next MFF would be agreed in 2026.