Egypt and Russia agreed on credit packages and bank guarantees in Dabaa Nuclear Power Plant’s Contract. Sources at the Egyptian government stated that the technical negotiations have been concluded. Thus, only the distribution of commitment and minor commercial and financial details are still to be negotiated, reported Daily News Egypt.
Egypt and Russia are expected to sign the final contract soon after they reach a mutual understanding on these terms.
Both the Egyptian and Russian parties agreed on the banking guarantees, in terms of the mechanism of granting loans and guarantees of payments. In Addition, the term related to credit packages comes as a supplement for the term on the banking guarantees.
The source added that the two parties are still negotiating over some terms that include fuel saving, technical support, and operation guarantee. The sources further pointed out that the contract will be the biggest contract signed in the Egyptian history as Moscow will provide nuclear fuel to Egypt.
The governmental sources commented that all indicators promise reaching a final deal within the first quarter of 2017. Thus Egypt will soon have a nuclear power plant in Dabaa with a capacity of 4,800MW for $30b.