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Egypt and Russia seal deal to build first nuclear power plant

November 20, 2015 at 12:05 pm

Russian President Vladimir Putin (R) and Egyptian President Abdel Fattah el-Sisi (L) attend their meeting in Sochi, Russia, on 17 October 2018. [Mikhail Svetlov/Getty Image]

Yesterday, Egypt and Russia signed two agreements for Moscow to build the first nuclear power plant in Egypt in a ceremony attended by Egyptian President Abdel Fatah Al-Sisi.

The director general of Russia’s atomic energy agency Rosatom, Sergei Kirienko, said the agreement is for the construction and operation of four 1,200 MW reactors.

During a press conference broadcasted by Egyptian state TV, Al-Sisi said the project will be implemented with a 35-year loan to Egypt from Russia.

The plant is to be built in Dabaa on the Mediterranean coast in the northwest of the country.

“The country and the balance sheet will not bear the cost of building this plant. It will be paid back through the actual production of electricity that will be generated by this plant,” explained the Egyptian premier.

Egypt announced the project earlier in February during a visit by Russian President Vladimir Putin, when a memorandum of understanding was signed.

The Egyptian minister of electricity’s advisor for nuclear affairs, Ibrahim Al-Asiri, estimated his country’s losses from delaying the implementation of the nuclear project for 30 years at $200 billion.