Nicosia - (AFP) - Cyprus on Friday inaugurated a project funded by the European Union to build an undersea electric cable linking the island in the eastern Mediterranean with Greece.

The European Union agreed to provide financial support of 757 million euros to finance the construction of the cable in order to end the "isolation" of Cyprus in the field of energy.

Cyprus is the only European country that is not connected to the European continent in the gas or electricity sectors. It has been a member of the European Union since 2004.

The island has been divided since the Turkish army invaded in 1974 in response to a coup staged by nationalist Greek Cypriots. The Cypriot government exercises authority over the southern part of the island only.

The very expensive Eurasian interconnector will connect the power grids of Cyprus to those of Israel and Greece via a high-voltage direct current undersea transmission system.

The European Commission said that the cable, which will be 1,208 km long at a depth of more than 3,000 meters, "will set a new world record."

The total cost of the project, which will have a capacity of between one and two thousand megawatts, is 1.57 billion euros, according to the Cypriot authorities.

In a speech at the project launch ceremony, European Commissioner for Energy Kadri Simson said that the rise in energy prices due to the Russian attack on Ukraine in February confirms the importance of this project, which allows Europe to diversify its sources and enhance its energy security.

For his part, Cypriot President Nicos Anastasiades spoke of a "historic" day because the island is "in a good position to start building" the cable.

Construction of the Eurasian interconnector is scheduled to begin later this year and be completed in 2027.

Anastasiades said that Cyprus could become an energy exporter with capacities starting from 120 GWh in 2027 to 1,000 in 2030 and exceeding 1,800 in 2033.