Multiple questions have been raised over the Great Sea Interconnector (GSI), as Cyprus Finance Minister Makis Keravnos stated today, October 13, that the European Investment Bank (EIB) had "refused to finance the project" over concerns about its economic sustainability — a claim that appears to conflict directly with the EIB’s own recent statements.

During his presentation of the 2026 state budget before Parliament, Keravnos said that the EIB had declined funding for the Cyprus–Greece–Israel electricity interconnection, implying that the Bank viewed energy storage projects as a more viable investment option.

“How can it be said that the European Commission wants this project to proceed when others claim it’s not viable? The EIB didn’t fund it because it didn’t consider it viable,” he told lawmakers.

But the minister’s remarks come more than two weeks after both the EIB President and Vice President had publicly clarified that no funding request for the GSI has ever been submitted.

On September 25, 2025, EIB Vice President Kyriakos Kakouris said the Bank had not yet received any formal financing request for the Great Sea Interconnector.

“We will examine it when the energy plans of Greece and Cyprus are approved by the EU,” Kakouris said, adding that the EIB would not proceed before there is institutional and technical validation of the project.

Just three days later, on September 28, EIB President Nadia Calviño told the Cyprus News Agency that the Bank was ready to support strategic cross-border energy projects, explicitly mentioning the Great Sea Interconnector as one such initiative.

“The EIB is ready to support strategic projects backed by both governments and aligned with their energy strategies,” Calviño said, calling the interconnector compatible with the energy plans of Greece and Cyprus.

These statements made clear that the EIB had not rejected the project — contradicting the position now expressed by Minister Keravnos.