Cyprus and Lebanon will on Wednesday hold their first technical meeting on a feasibility study for a proposed subsea electricity interconnection, with the participation of the World Bank, according to CyBC.

Lebanese Energy and Water Minister Joe Saddi said in a television interview in Beirut that Cyprus had proposed selling electricity to Lebanon during Lebanese President Joseph Aoun’s visit to the island several months ago.

Saddi subsequently visited Cyprus, after which the two governments reached an agreement with the World Bank to finance a study into the proposed interconnection.

In July, Energy Minister Michael Damianos and Saddi agreed on the terms of reference for the study and the establishment of a joint technical committee.

The first stage will examine electricity supply and demand, as well as the economic viability of different scenarios for the interconnection.

A detailed technical and economic assessment of the project will only be carried out if the initial findings are positive.

The study will be financed by the World Bank and carried out in two phases. If the initial assessment is positive, a second, more detailed technical and economic study will be undertaken to evaluate the conditions required for the project’s implementation.

Both governments have previously described the agreement as “an important milestone in the cooperation between the two countries”. They said it is “aimed at exploring opportunities to strengthen regional energy connectivity, enhance energy security, and promote sustainable economic development in the eastern Mediterranean”.

According to Saddi, a positive assessment could pave the way for Lebanon to be connected not only to Cyprus, but also to the European electricity grid through the planned Cyprus-Greece electricity interconnection.

Meanwhile Cyprus will pay €25 million towards the Great Sea Interconnector (GSI) once a Navtex is issued for the resumption of survey work, President Nikos Christodoulides said in an interview on Plus TV, revealing an agreement reached with Greek Prime Minister Kyriakos Mitsotakis.