The Egyptian and Russian governments signed a final agreement to build a nuclear plant in Dabaa, Egypt on November 19th, Reuters reports. Russian agency Rosatom will build the plant, which could take up to twelve years.
The plant will utilize “four third-generation” reactors generating 1200 megawatts each. The Russian government will provide a loan to Egypt to cover the unreported cost of the project. The loan will be repaid over 35 years. President Sisi stated that “the country and the balance sheet will not bear the cost of building this plant. It will be paid back through the actual production of electricity that will be generated,” Ahram reports.
The agreement comes as Egypt seeks to quickly expand and diversify its energy sources – looking to ramp up production through alternative, nuclear and fossil fuels to meet domestic demand. It also comes as Egypt and Russia seek to rebuild their political relationship after the “terrorist incident,” Sisi acknowledged in his announcement.