The Egyptian Presidential Office announced in a statement that Cairo and Moscow have settled all the terms and clauses of the commercial contract to start construction of the first nuclear power plant in Egypt, according to Sputnik News.

Egypt’s Minister of Electricity and Energy, Mohamed Shaker, delivered the updated contract to President Abdel Fattah El-Sisi, informed Youm 7. “The date of signing the contract will be determined after it is approved by the Egyptian state council,” Alaa Yousef, an official spokesperson told TASS, the Russian News Agency.

The latest Russian technologies will be used in the construction including the post-Fukushima technologies that enjoy “reliable level of security,” Russia’s Rosatom state atomic energy corporation’s Head, Sergey Kiriyenko, explained.

The El-Dabaa nuclear power plant (NPP) inter-governmental agreement was signed on the 19th November 2015, according to which the NPP is to consist of four units, each to generate power of 1,200 MW. The contract for the construction of the nuclear power plant is estimated to be worth over $26b.

Previously, Russian President, Vladimir Putin, had said during his visit to Egypt in February 2015 that the agreement between Moscow and Cairo is not only concerning one nuclear power plant but it is about “creating a whole nuclear sphere in Egypt.”