Just a day after Finance Minister Makis Keravnos warned of serious risks and questioned the project’s viability, President Nikos Christodoulides reaffirmed Cyprus’ financial commitment to the GSI electricity interconnection, exposing deep contradictions within the government.

The Republic of Cyprus remains fully committed to the implementation of the GSI electricity interconnection project, President Nikos Christodoulides stated on Tuesday. He emphasized that the state budgets for both 2025 and 2026 include a dedicated allocation of €25 million for this purpose.

The President underlined that any delay in the project’s execution is harmful, as it creates additional burdens and affects multiple aspects, including the economy.

Speaking to the media ahead of the European Investment Bank meeting in Limassol, Christodoulides reiterated: “Regarding GSI, to put this matter to rest, I met with the Greek Prime Minister, and we issued a joint press release. Delays in implementation are not positive; they burden the process and affect other dimensions, including financial ones.”

He stressed once more: “The Republic of Cyprus is committed to the implementation of this project, which is why the 2025 and 2026 budgets include a specific provision of €25 million.”

When asked whether this financial contribution comes without conditions, the President clarified: “Conditions apply, as certain milestones must be achieved. It is crucial to implement specific steps because the longer the delays, the more they affect the project’s viability and other aspects.”

Responding to a journalist’s remark that the Finance Minister had warned about risks if Cyprus were to return the €67 million in EU funding allocated for the Vasilikos terminal, Christodoulides highlighted the country’s fiscal resilience. He expressed satisfaction that Cyprus continues to maintain a surplus, growth-oriented budget with increased spending both for development projects and for social support, surpassing even the allocations of 2025.