Cyprus To Disburse €25 Million Only Upon Full Execution Of Great Sea Interconnector, Minister Declares

by THEFUTURE.TEAM

September 25, 2025

Overview Of The Payment Commitment

The Republic of Cyprus has affirmed its intention to pay the €25 million installment to Greece’s independent transmission system operator, Admie, contingent upon the complete implementation of the Great Sea Interconnector project. Energy Minister George Papanastasiou clarified that the project must be executed in its entirety, noting that the construction of the cables alone does not fulfill the payment criteria.

Conditional Payment Structure And Project Implementation

Speaking to a national broadcaster, Minister Papanastasiou emphasized that while the government is committed to honoring its contractual obligations through five annual payments of €25 million, this commitment is linked to Admie’s equally binding duty to advance the project. The payment structure is designed to secure a stable income for Admie— a major shareholder with a 51 percent stake in the project— until the interconnector becomes profitable. “An obligation cannot only rest on the payer,” he stated, underscoring the need for a balanced commitment from both parties.

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Pricing Mechanism And Financial Concerns

Minister Papanastasiou also discussed the necessity of finalizing the pricing mechanism to ensure that the €25 million payment is promptly available upon the decision to proceed. However, he stressed that releasing funds before the project is fully implemented would be premature. A lack of progress on the interconnector and divergent views on funding sources have led to substantial disagreements between Cyprus and Greece. The initial plan to finance payments using funds from the European Union’s emissions trading system was critiqued on the grounds of potential conflicts with EU state aid rules.

Strategic Importance And International Endorsement

Both Cyprus and Greece remain publicly committed to the strategic importance of the interconnector, which aims to interlink the countries’ electricity grids along with that of Israel. Recent joint statements by President Nikos Christodoulides and Greek Prime Minister Kyriakos Mitsotakis have reinforced this commitment, with backing from European Commission President Ursula von der Leyen and European Council President Antonio Costa. Despite these high-level affirmations, domestic concerns regarding the project’s feasibility persist, supported by studies suggesting unsustainability at this stage.

Investigative Oversight And Public Assurance

Adding to the complex narrative, the European Public Prosecutor’s Office has initiated an investigation into the interconnector project. Greek Foreign Minister Giorgos Gerapetritis has refuted allegations involving his family, firmly stating that no judicial inquiry concerns his relatives. The minister reiterated that all project participants must meet their obligations without shifting undue responsibility to the other party.

Conclusion

The unfolding dialogue between Cyprus and Greece over the Great Sea Interconnector underscores the broader challenges inherent in multinational infrastructure projects. Both nations have signaled an unwavering commitment to the strategic project, yet financial disbursements remain closely tied to demonstrable progress on the ground. As the project moves forward, industry stakeholders will be closely monitoring its evolution, balancing strategic benefits against the pragmatic realities of execution and governance.

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DISY Calls For Faster AI Adoption In Cyprus To Boost Business Competitiveness

by THEFUTURE.TEAM

November 12, 2026

Cyprus needs to move beyond announcing artificial intelligence ambitions and focus on integrating the technology into businesses, public services and the wider economy, Democratic Rally (DISY) president Annita Demetriou said.

Speaking at a press conference titled “Artificial Intelligence, Competitiveness and Economic Growth”, Demetriou warned that Cyprus risks falling behind despite strong public interest in AI.

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Cyprus Faces An AI Adoption Gap

More than four in 10 people in Cyprus used AI in the previous year, placing the country among Europe’s leaders in individual adoption. However, local businesses rank near the bottom in AI use, while citizens also lag in advanced digital skills.

“The problem is not the people or the businesses. It is the policy gap. And policy must close it,” Demetriou said.

She criticised the government’s ambition to make Cyprus a regional AI hub, arguing that it lacks sufficient planning for energy demand, clear budget commitments and effective workforce reskilling measures.

Six Priorities To Accelerate AI Adoption

DISY outlined six priorities to turn AI into a driver of economic growth:

Reskill Workers: Establish funded training programmes supported by tax incentives.
Support Businesses: Offer tax incentives and exemptions to encourage AI integration.
Attract Investment: Bring international companies with significant AI operations to Cyprus.
Modernise Public Services: Connect government systems, reduce bureaucracy and improve services.
Secure Affordable Energy: Ensure sufficient capacity and competitive electricity prices for digital infrastructure and data centres.
Protect Rights: Safeguard personal data, privacy and human rights through effective oversight.

“Our answer is not to stop technology. Our answer is to ensure no one is left behind. Reskilling becomes a social policy priority,” Demetriou said.

Public-Sector Reform Is Essential

Konstantinos Mountoukkos, who oversees digital policy, research and innovation on DISY’s Council for Monitoring Government Work, argued that AI adoption requires changes to public administration, not just new technology.

He called for secure interoperability between government systems, a move from pilot projects to practical implementation and stronger safeguards against inaccurate outputs, privacy breaches and cybersecurity threats.

Mountoukkos also urged the government to modernise technology procurement. Digital projects should have clear objectives, timelines and measurable results, including their cost, time savings and impact on public services.

Skills Will Determine Cyprus’s Competitiveness

Michalis Ioannidis, head of DISY’s Council for Monitoring Government Work, described AI adoption as a social policy priority. DISY spokesperson Onoufrios Koullas warned that without adequate training, Cyprus could lose ground in workforce productivity and economic competitiveness.

The party said it would present further proposals on managing the risks associated with AI and digital life at a future press conference.

The central challenge for Cyprus is to turn public interest in AI into wider business adoption, a more skilled workforce and measurable improvements in public services.