Published: 2017-12-10 19:54
Last Updated: 2017-12-10 19:54
Egypt will be signing a contract with Russia during Vladimir Putin’s visit to Cairo, scheduled on Monday, for the country's first nuclear power plant, senior sources told Reuters news agency
Building of the 4,800 megawatt (MW) capacity plant in Daba’a in the north of Egypt, is expected to be done in seven years, anonymous sources told Reuters.
Sameh Shoukry, Egyptian Foreign Minister, told Russia Today that “they have completed several stages” of the plant and “soon” it will be finished.
Egypt and Russia signed an agreement in 2015 which allows the latter a nuclear power plant in Egypt, while Russia will be extending a loan to cover construction cost.
Egypt’s official newspaper said last year the loan was worth $25 billion and would finance 85 % of the value of each work contract, services and equipment shipping. Egypt would fund the remaining 15 percent.
Egypt, with a population of more than 100 million and vast energy needs, wants to vary its energy sources.
Putin is going to be visiting Cairo on Monday to meet with Egyptian President Abdel Fattah al-Sisi, where they will discuss their joint ties, trade and Middle Eastern issues.