Greece and Cyprus have signed a memorandum of understanding (MoU) to press ahead with a subsea electric cable linking continental Europe to the East Mediterranean, the energy ministries of the two countries said on Saturday.

Cyprus has approved a massive undersea electricity cable project to link its grid with Greece's. On Tuesday, the energy minister announced the project aims to cut electricity bills and end energy isolation.

Greece and Cyprus have signed a memorandum of understanding to advance a subsea electric cable project, which will link continental Europe to the East Mediterranean. The Great Sea Interconnector will be the world's longest and deepest high-voltage cable and is crucial for Cyprus and Greece's energy strategies.

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

Cyprus will support and participate in the Great Sea Interconnector, a multi-billion euro electric transmission project connecting Europe, the Middle East and Asia.