Russia may use National Wealth Fund to finance Egypt nuclear plant: Siluanov

Reuters , Thursday 18 Oct 2018

File Photo: Russian Finance Minister Anton Siluanov speaks during a session of the Moscow Financial Forum in Moscow, Russia September 6, 2018. (Photo: Reuters)

Russia's finance ministry may use the National Wealth Fund (NWF) to lend money for the construction of a nuclear power plant in Egypt starting from 2020 or 2021, First Deputy Prime Minister Anton Siluanov told reporters on Thursday.

Siluanov, who is also finance minister, said Russia would provide finance for the project annually of between $3 billion and $4 billion.

Siluanov said that the funds held by the NWF are expected to reach 7 percent of gross domestic product (GDP) at the end of next year, up from 2.2 percent of GDP at the end of 2018. He said that growth would allow for investments in important projects.

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