EGYPT, RUSSIA TO SIGN $25BN NUCLEAR PLANT DEAL

Cairo, 17 Rabi’ul Awwal 1437/28 December 2015 (MINA) – Russia and Egypt are expected to sign the deal to build Egypt’s first nuclear plant in the first quarter of 2016, a Russian nuclear agency source said Monday.

“We plan to sign contract worth $26 billion in the first quarter of 2016,” the source reported, World Bulletin quoted by Mi’raj Islamic News Agency (MINA) as reporting.

The construction of the nuclear plant was agreed earlier this year. According to the agreement, Russia is due to provide Egypt with $26 billion loan to cover 85 percent of construction costs, while Egypt is responsible for the remaining 15 percent.

The plant will be built in Dabaa which is about 130 kilometers south of Cairo, it will comprise four 1200 MW nuclear reactors.

Moscow will also provide staff and scientific research for the project. The Russian nuclear agency Rosatom will construct two of the plant’s reactors using Russian technology.

The joint Russia-Egypt project will be one of the largest for the countries; it aims to help meet Egypt’s increasing energy demand. During a February visit to Cairo, Russian President Vladimir Putin announced that Russia will contribute to building a whole new nuclear power industry in Egypt. (T/P006/R03)

Mi’raj Islamic News Agency (MINA)