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Egypt going into a huge debt to Russia for building Dabaa nuclear plant

Middle East Monitor 10th Aug 2018 , Egypt will obtain a license to build the Dabaa nuclear plant by mid-2020,
the Russian deputy minister of industry and trade said. Georgy Kalamanov
added that Russian experts are currently completing designing the nuclear
plant and surveying the area where it will be built.

In 2015, Russia andEgypt signed a deal which would see Russia build Egypt’s first nuclear
power plant in the Dabaa area, located on Egypt’s northwestern coast.
Under the terms of the agreement, Cairo would access a loan for the project
from Moscow. In 2016, the Egyptian official Gazette reported that the loan
would amount to $25 billion, which would finance 85 per cent of the cost of
contracts signed for the plant’s construction. The loan repayment period
is 35 years. Egypt will finance the remaining 15 per cent.
https://www.middleeastmonitor.com/20180810-russia-egypt-to-begin-building-nuclear-reactor-in-2020/

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August 13, 2018 - Posted by | Egypt, marketing, politics international, Russia

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