Finance Minister Warns of Risks if GSI Project is Funded

The Minister of Finance, Makis Keravnos, stated on Monday that there is a risk if funds are allocated to the GSI electricity interconnection project, adding that studies suggest the project is not viable.

Speaking after the cabinet meeting regarding the 2026 state budget, Mr. Keravnos mentioned that no funds have been given for GSI so far. When asked about the possibility of the Republic of Cyprus bearing the cost of the electricity interconnection, he responded that the issue has been weighed among the internal and external risks of the budget.

Regarding the project's cost, Mr. Keravnos reiterated that "no one knows the cost." Concerning the project in Kofinou, which is a €100 million grant from the Recovery and Resilience Plan, he stated that its removal from the plan is being considered.

Regarding the €67 million that must be returned to the European Commission for the project in Vasiliko, Mr. Keravnos stated that the issue has been considered in the budget and will be managed, adding that offsetting with other funds is being examined.

When asked if he is "bargaining the amount," the Finance Minister replied that "the amount is not bargained at all."

Source: ΚΥΠΕ