Limassol: The Republic of Cyprus has reaffirmed its commitment to the implementation of the Great Sea Interconnector (GSI) project, President Nikos Christodoulides announced. The President highlighted that a substantial budget provision of 25 million euros has been set aside for both 2025 and 2026 to ensure the project’s progress.
According to Cyprus News Agency, President Christodoulides emphasized the importance of timely implementation, pointing out that delays could have financial repercussions. He made these remarks before attending a meeting of the European Investment Bank in Limassol, recalling a recent meeting with the Greek Prime Minister in New York, where a joint press release was issued. The President reiterated that delays negatively impact the project’s financial viability and other related aspects.
The President further explained the significance of implementing projects without delay, noting that postponements can affect their viability and have broader implications. In response to concerns raised about potential economic risks if Cyprus returns the 67 million euro EU funding for the natural gas terminal in Vasilikos, President Christodoulides expressed satisfaction with Cyprus’s economic situation. He highlighted that next year’s budget shows a surplus and focuses on development projects and social benefits, surpassing those planned for 2025.
President Christodoulides also noted that public debt has decreased, unemployment has reached levels seen in 2008, and the Cypriot economy has been upgraded, a feat not achieved since 2011. He concluded by stating that he would discuss these economic achievements during his meeting with the European Investment Bank executives.