The European Union has allocated a sum of 657 million euros to complete the construction of a major power cable.
The 2,000-megawatt power cable will run under the sea and connect the power grids of Greece, Israel and of course Cyprus.
According to Natasa Pilides, this is the biggest funding that the island nation has ever participated in. Cyprus is contributing to a large section of the money allocated by the EU.
She further added that the money will allow construction crews to begin the construction of the part of the cable supposed to connect Cyprus with Crete in Greece – a project that comes with an expense of about 1.6 billion euros. As of now, negotiations to transfer said funds are underway.
