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.

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

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

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

Cyprus and Greece have made progress in talks regarding the creation of a high-speed electric cable network that will connect Europe to the Middle East across the Mediterranean seabed, a Cypriot official announced on Tuesday.