Egyptian president Abdul Fatah al-Sisi has approved a $25bn loan from Russia to build Egypt’s first nuclear power plant, according to a decree published on the country’s official gazette.

The deal dates back to November 2015, when Russia and Egypt agreed to collaborate on the construction and operation of the 1,200 MW Dabaa nuclear power station.

The loan is to be repaid in 43 installments over 22 years, with a three percent interest rate. Installment payments will start in October 2029.

The funding will cover 85 percent of the cost of the project, and Egypt will be responsible for the remaining 15 percent, according to the decree.

The deal was signed in November 2015 with Egypt’s Minister of Electricity and Energy Mohamed Shaker and the director-general of Rosatom State Atomic Energy Corporation, Sergey Kirienko, in the presence of Al-Sisi.