01 June 2016

Russia will loan Egypt $25 billion to finance building and operating a nuclear power plant in Egypt, the official gazette said.

The two countries signed an agreement last November for Russia to build Egypt’s first nuclear power plant and to extend a loan to cover the cost of construction.

The loan will finance 85 per cent of the value of each contract for the work, services and equipment shipping, the gazette said. Egypt will finance the remaining 15 per cent.

The plant will be built in Dabaa in northern Egypt. It is due to be completed in 2022, and the first of its four reactors is expected to begin producing power in 2024.

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