Cyprus reaffirmed its commitment to a planned electric transmission cable to Greece but said on Thursday that technical and financial details needed to be ironed out before it could sink more funds into the project.

Cyprus has given the green light for construction of a 1.9 billion euro ($2.1 billion) undersea electricity cable linking its grid with Greece's, aiming to sharply reduce electricity bills and end its energy isolation,

Cyprus approved the electric cable link with Greece in a multi-billion project that would also link Europe's grid to Israel.

The project will help eliminate Cyprus's energy isolation as the national system will be connected to the trans-European systems, said Cypriot Energy Minister, Giorgos Papadopoulos

Once completed, the Great Sea Interconnector will be the largest and deepest high voltage direct current interconnector in the world.