Egypt and Russia will sign an $30 billion agreement to establish a nuclear power plant at El Dabaa this week, Amwal Al Ghad reports.

Russia will provide a $25 billion loan at 3% interest for the project, according to the newspaper. The loan is for a period of 13 years.

Egypt expects to recover the cost of the plant within 13-15 years, according to Amwal Al Ghad.

Fuel for the plants will cost approximately $60 million per year, a savings of about $140 million per year compared with the same generating capacity from a gas plant, the newspaper reports.

Upon completion, the plant is expected to produce 4,800 megawatts (MW) of electricity, Amwal Al Ghad previously reported.