Cyprus to allocate €3.5 billion for projects by 2027

Cypriot President Nikos Christodoulides has called on communities in free Cyprus to prepare projects for government approval by 2027, when €3.5 billion will be allocated for implementation.

Addressing energy security, Christodoulides highlighted a dual strategy. The first involves securing national energy through infrastructure, specifically mentioning the progress of natural gas arrival processes at Vasilikos. The second focuses on the Republic of Cyprus's Exclusive Economic Zone (EEZ). The President stated that discussions are ongoing with energy giants regarding the allocation of additional EEZ blocks.

The goal is to establish the Eastern Mediterranean, in cooperation with Egypt, Israel, and potentially other regional partners, as an alternative energy corridor for Europe. Christodoulides emphasized that European energy security has become a top priority following the events in Ukraine in 2022. He also noted ongoing discussions regarding the European Union's Multiannual Financial Framework for the 2028-2034 period.