Putin and Sisi oversee deal to build $21bn nuclear plant in Egypt
The acts to begin work on the project's general construction contract, as well as the contract for the supply of nuclear fuel to the plant, were signed in Cairo
Russia and Egypt have signed an agreement to develop the $21bn Dabaa Nuclear Power Plant (NPP) in the Middle Eastern country.
The acts to begin work on the project's general construction contract, as well as the contract for the supply of nuclear fuel to the plant, were signed in Cairo.
The signing ceremony took place in the presence of the presidents of Russia and Egypt, Vladimir Putin and Abdel Fattah El-Sisi.
Head of Russian nuclear corporation Rosatom, Alexei Likhachev, and Egypt's Minister of Electricity and Renewable Energy, Mohamed Shaker, signed the latest agreement.
Construction of all four units of Dabaa NPP is expected to complete between 2028 and 2029, Likhachev said.
This July, Egypt and Russia announced they had reached an agreement on all points of the commercial contract on constructing a nuclear power plant in Dabaa.
An intergovernmental agreement worth $30bn to build Egypt's first nuclear power plant, consisting of four 1,200-megawatt units, was concluded in November 2015 in Cairo.
The agreement also covered the supply of nuclear fuel for the NPP's operational period, a maintenance contract, and a contract to process spent nuclear fuel.
At the same time, both parties concluded an agreement on granting Egypt a state export loan worth $25bn for the construction of an NPP, with the amount expected to cover 85% of construction works.
The remaining costs would be covered by Egypt, which would seek private-sector investments, Russian state news agency, TASS, reported.