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

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.

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.

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