Cyprus and Lebanon signed two agreements in Beirut today, led by Presidents Nikos Christodoulides and Joseph Aoun, with the core deal being the long-delayed demarcation of their Exclusive Economic Zones (EEZ).
Here are the ten key outcomes from the agreements:
1. EEZ demarcation: The agreement to demarcate the Exclusive Economic Zone (EEZ) between the Republic of Cyprus and Lebanon has finally moved forward after an 18-year delay. The agreement was signed by the Lebanese President without requiring approval from the Lebanese Parliament.
2. Electric interconnection study: The two countries will proceed with the World Bank to prepare a study for an electric interconnection between Cyprus and Lebanon. This project has already recorded interest in funding from Gulf countries.
3. Opening the door for Syria EEZ: The current progress opens the way for parallel discussions by both Cyprus and Lebanon to move forward with the demarcation of their Exclusive Economic Zones with Syria.
4. A blow to Turkey’s ‘Blue Homeland’: The agreement delivers a severe blow to Turkey’s expansionist “Blue Homeland” maritime doctrine, particularly as Turkey had successfully influenced the Lebanese parliament to block the EEZ deal since 2007.
5. Military: The Lebanese Armed Forces will receive reinforcement to guarantee the country’s security, with support provided by both Cyprus and the European Union.
6. EU fund release: The European Union will proceed with the release of half a billion euros (€500 million) to Lebanon. This funding is part of a larger one billion euro aid package announced during a previous visit by President Christodoulides and European Commission President Ursula von der Leyen.
7. Joint exploitation discussion: The two nations will begin discussions regarding a joint exploitation agreement for potential hydrocarbon fields that may extend across their respective EEZs.
8. European projects and summit: Various European projects will be promoted in Lebanon under the forthcoming Mediterranean Agreement. A summit of EU Heads of State with regional leaders is scheduled to take place in Cyprus on 23–24 April.
9. Concluding EU-Lebanon negotiations: Cyprus will undertake efforts within the EU to ensure that negotiations for the strategic and comprehensive agreement between the EU and Lebanon are concluded during the Cypriot Presidency.
10. US role: The United States reportedly supports the agreements, believing they strengthen Lebanon and President Aoun while simultaneously weakening Hezbollah, potentially opening the door for energy interest from American companies.
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