Financial Other

In April 2026, the governments of Greece and Cyprus sent a joint letter to the European Investment Bank requesting that the Luxembourg-based bank carry out a new independent due-diligence study of the Great Sea Interconnector project. Officials close to the matter stressed that the letter was a request for a study, not extra funding: the two governments asked the EIB not to divest more funds for the project itself, but instead to carry out its own study into the project and its future, with the possibility that funding for the project's completion may be provided by the bank in due course should the study deem it appropriate. The request followed the 12 November 2025 joint decision in Athens to update the project's economic and technical parameters and was framed as a precondition for unlocking private investor participation alongside IPTO's €250-300 million capital base and the €657 million Connecting Europe Facility grant. As reported, the project's total cost was last stated at approximately €1.9 billion with Cyprus bearing an estimated 63% share. The letter completed a year-long restructuring arc encompassing the March 2025 IPTO payment freeze, the November 2025 parameter update agreement, Nexans's December 2025 cancellation of subcontractor tenders, and the January 2026 confirmation of an extended delivery schedule beyond the previously targeted late-2029 to early-2030 window. By mid-May 2026, EU Energy Commissioner Dan Jorgensen had joined Greek and Cypriot ministers in Nicosia with IPTO and EIB representatives to discuss next steps.