The fate of the energy bridge in question: EIB decision will determine the future of the Greece–Cyprus project

The Great Sea Interconnector electrical interconnection project has entered a decisive phase: its further implementation depends on the position of the European Investment Bank (EIB), which must assess the project's readiness for financing in the amount of 1 billion euros.

In the coming months, the EIB will conduct a due diligence procedure regarding the technical, financial, and organizational viability of the project. Based on its results, the bank will make a key decision: if the project is recognized as sufficiently mature, it will move to the implementation stage; otherwise, it may be permanently halted.

The initiative gained new momentum following a joint appeal by the energy ministers of Greece and Cyprus to the EIB, requesting a formal assessment. This follows a long period of uncertainty accompanied by technical and financial difficulties.

The interconnector project is considered strategic for the region's energy security. It aims to connect the power systems of the two countries and reduce the energy isolation of Cyprus, which remains one of the few EU states without an electrical connection to the pan-European network.

The EIB's decision is expected to be a turning point: a positive verdict will pave the way for construction, while a refusal will jeopardize the implementation of one of the largest infrastructure projects in the Eastern Mediterranean.