Cypriot Minister of Energy, Industry, and Trade Natasa Pilides said in exclusive statements to Daily News Egypt that the cost of the electrical linkage project between Egypt, Cyprus, and Greece amounts to €2.5bn, including €1.5bn to connect the island of Crete with Cyprus, and €1bn to connect Cyprus with Egypt.
She added that the current period is witnessing discussions and the completion of technical studies related to the project, and during the next few months, there will be developments regarding the project in coordination with Egyptian officials.
Furthermore, Pilides explained that the electrical interconnection line between Egypt and Cyprus contributes to the delivery of Egyptian electricity to Europe, and that the goal is to connect Africa with Europe through this connection, as well as cooperating with Greece and Israel to create a connection between Asia and Europe.
Last year, Egypt signed two memoranda of understanding (MoUs) with Cyprus and Greece to start studies regarding establishing a tripartite electrical interconnection with a total capacity of 2,000 megawatts, and it was agreed to assign advisory tasks to a private company.
The MoUs come as an activation of the government’s policy, which aims to consolidate Egypt’s role as a regional energy centre in the eastern Mediterranean in light of its capabilities and to enhance cooperation between Egypt and Cyprus.
Additionally, Pilides mentioned that Cypriot companies are interested in investing in a number of fields in Egypt, including petroleum, renewable energy, hydrogen, and information technology.
She said that Egypt has achieved great development in the field of electricity and renewable energy and has vast lands to accommodate the establishment of more solar and wind energy plants, and it is possible to cooperate with Cypriot companies in implementing such projects.
The minister also explained that Cyprus is looking forward to a boom in the rates of trade exchange between the two countries in the coming period.
