99% of Dabaa Contracts Concluded

99% of Dabaa Contracts Concluded

Russia’s Ambassador to Egypt, Sergey Kirpichenko, stated that 99% of the contracts necessary for the implementation of Al Dabaa nuclear plant have been agreed on, reported Amwal Al Ghad.

Kirpichenko expects to start the implementation of Dabaa plant before the end of 2017.

Negotiations on the nuclear plant took place in the Ministry of Electricity and Mineral Resources’ headquarter in Cairo and Russia’s Rosatom in Moscow. The Russian Ambassador pointed out that Egypt sought more guarantees in all areas, including the security, economic, environmental and other areas. These guarantees have been translated into the contracts.

Kirpichenko said that Moscow will resuythghhhme air traffic to Egypt soon after deciding on some unresolved points that guarantee the safety of airports.

Russia and Cairo signed an agreement in November 2015 for Russia to build a nuclear power plant in Egypt, with Russia extending a loan to Egypt to cover the cost of construction.

Al Dabaa nuclear power plant would be built at Dabaa in the north of the country and is expected to be completed by 2022.

Russia will loan Egypt $25b to finance building and operating the nuclear power plant. Egypt will pay an interest rate of 3% annually. Installment payments will begin on October 15, 2029.

Sarah Samir 3297 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.


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