The position of the European Investment Bank (EIB) to participate in the financing of the Cyprus-Greece-Israel electricity interconnection project (EuroAsia Interconnector) is in development, said EIB President Werner Hoyer, differentiating previous reports that the EU investment bank did not wish to finance the ambitious project, of a total value of €2 billion.

"The official position is in development, but we are aware that this is a fascinating project that has impact on energy supply for consumers producers in Cyprus and also has a geopolitical dimension and this is why is a very comprehensive project which we are investigating very deeply," he said, adding that "we are not in any way blocked by traditions or by prejudices or by ideology". At the same time, Hoyer connected the perspective of the project with the goal of reducing the price of energy for the Cypriot consumer.

Hoyer's statements were made in response to questions from the Press in the context of a press conference organised by the EIB and the Ministry of Finance for the establishment of the first-ever Equity Fund in Cyprus.

As he noted, at the end of the day this massive project must contribute to the further improvement of the electricity supply for the people OF Cyprus. He added that he knows that electricity prices in Cyprus are "extremely high" and constitute a significant burden for households.

He pointed out that the project will be successful if it employs fully Cyprus' "enormous potential" in the field of renewable energy sources.

"I am impressed by the resolve of the Cypriot government to give a very much attention to this dimension, not only the resources of renewable energy, but also the necessity to store it and to transfer it", he added, noting that "transmission links, storage facilties, ie baterries, will be in the centre of these activities and I welcome this intention of the Cypriot government very much."

Responding to a question whether the EIB has changed its position, as a representative of the EIB was quoted as saying that the EIB is not interested in financing this project, Hoyer said "the project idea is being further developed and we are very happy about it."

He mentioned his talk earlier with Energy Minister, George Papanastasiou, saying that he was encouraged by his approach to this issue, which includes to a large extent questions of transmission and storage and batteries in order to reduce prices.

"So what counts at the end of the day is for the Cypriot consumer electricity does not become more expensive but less expensive. If that can be shown, I think this is a good prospect for this project", he said.