Egypt, Russia to sign nuclear plant contract before end of 2016: Russian Official

Ahram Online , Monday 28 Nov 2016

Dabaa agreement
Egypt's President Abdel Fattah El-Sisi, centre, looks on as the CEO of Rosatom Sergey Kiriyenko, left and Egyptian Energy Minister Mohamed Shaker, right, shake hands to build Egypt's first nuclear power plant (Photo: Reuters)

Russian Trade Representative in Cairo Fedor Lukashin said on Sunday evening that the signing ceremony of the Dabaa nuclear power plant contract is expected before the end of the year.

Lukashin said that talks have concluded on the financial and legal articles of the contract, noting that the Russian State Nuclear Energy Corporation (Rosatom) is currently reviewing data on the plant’s construction site. 

The Russian official also highlighted the importance of establishing a Russian industrial zone in the east Port Said economic zone. 

Cairo and Moscow signed an agreement in 2015 for Russia to build Egypt's first nuclear power plant.

According to the agreement, Russia is to loan Egypt $25 billion to finance the building and operating of the plant.

Egypt will pay an interest rate of 3 percent annually, with installment payments starting in 2029.

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