Egypt and Russia close to finalising nuclear deal

07 August 2017

Initial inter-governmental agreement was signed in November 2015 for Egypt’s first nuclear power facility

The Egyptian and Russian governments have finished negotiations for the main agreements for the proposed 4.8GW El-Dabaa nuclear power project – Egypt’s first nuclear power plant project.

Egypt’s Minister of Electricity & Renewable Energy Mohammed Shaker told international press in Cairo on 6 August that the negotiations for the four main agreements between the governments had been completed. Shaker revealed that the legal review for two of the agreements had been completed, with the remaining two requiring approval from the Supreme Administrative Court.

Cairo and Moscow signed an inter-governmental agreement for the El-Dabaa plant in November 2015. In May 2016, Egypt signed an agreement with Russia for a $25bn loan to cover the cost of 85 per cent of the project.

The loan is to be repaid in 43 instalments over 22 years, with a 3 per cent interest rate. Instalment payments will start in October 2029. Once construction work starts, the plant is expected to take nine years to build and commission.

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