Egypt announced on Sunday that construction of its first nuclear power plant will begin in the next two to two and a half years, according to Reuters. The plant is to be built by Russian-owned construction company Rosatom, following an agreement in 2015 for Russia to build a nuclear power plant on the Egyptian soil after extending a loan for Egypt to cover the cost of construction. The loan is said to be worth $25 billion and will finance 85 percent of the value of each work contract (including services and equipment shipping), with Egypt expected to fund the remaining 15 percent. Among other benefits, the nuclear plant is said to have a 4,800-megawatt capacity. It is to be built in Dabaa, located in northern Egypt. Egypt’s president Abdel Fattah Al-Sisi and Russia’s Vladimir Putin signed the deal back in December. The deal points to a better longstanding relationship between Russia and Egypt with Mr. Putin commenting “I am pleased to note that our economic ties are developing at a fairly high rate. We really have a lot of good projects ahead [including] the nuclear power plant,” as reported by…
Egypt’s First Nuclear Power Plant Construction to Begin in Two Years
July 2, 2018
