The agreement did not disclose the details on the deal amount but Egypt’s president Abdel Fattah al-Sisi said the loan repayment period would be more than 35 years, Reuters reported.
The official gazette noted: "The loan will be used by the Egyptian side for a period of 13 years between 2016-2028 … the Egyptian side will repay loan amounts used over 22 years in 43 installments."
In November 2015, Russia’s state-owned nuclear energy company Rosatom has signed an agreement with the Egypt Electricity for the construction and operation of a nuclear power plant.
Rosatom agreed to build a nuclear power plant, which will feature four units each with capacity of 1200MW, in Dabaa on the Mediterranean coast in the northwest of Egypt.
The nuclear power plant is planned to be constructed within 12 years.
The deal follows an agreement signed by Rusatom with Egypt’s Nuclear Power Plant Authority in February 2015 on a project development to determine the nuclear power plant specifications and key areas of cooperation.
The funding will be used to meet the 85% of the plant’s construction needs while the remaining 15% will be funded by Egypt.
The first of the four reactors of the Dabaa nuclear plant is scheduled to be commissioned in 2024.
In an effort to diversify energy sources, Egypt is also considering developing solar and wind projects to generate about 4,300MW of power in the next three years.
Image: Earlier Rusatom and Egypt agreed to determine the nuclear power plant specifications and key areas of cooperation. Photo: courtesy of xedos/FreeDigitalPhotos.net.
