The energy ministers of the two countries, Michalis Damianos and Joseph Al-Saddi, with the support of the World Bank.

According to a statement from the Ministry of Energy, Commerce, and Industry, the agreement is part of the dialogue aimed at strengthening energy cooperation between the two countries and seeks to explore the feasibility of the electricity interconnection.

In a Joint Statement issued on Thursday, the two ministers expressed their conviction that the study will serve as a reliable basis for evaluating the project and will contribute to broader efforts to strengthen regional energy cooperation, energy security, and sustainable economic development in the Eastern Mediterranean.

The study will be carried out in phases, based on a methodology proposed by the World Bank. In the first phase, the balance between electricity supply and demand, as well as key economic parameters, will be assessed based on agreed-upon scenarios.

If the initial results are positive, a more detailed preliminary techno-economic feasibility study will follow. According to the announcement, this phased approach will enable evidence-based decision-making and ensure that subsequent assessments are grounded in robust technical and economic data.

To coordinate the process, Cyprus and Lebanon will establish a joint Technical Steering Committee, which will work closely with the World Bank during the preparation of the study.

The two ministers also expressed their appreciation to the World Bank for its support and for responding to the joint request from the governments of Cyprus and Lebanon.