Egypt, Russia to Sign Nuclear Plant Agreement this Week

Egypt, Russia to Sign Nuclear Plant Agreement this Week

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.

Sarah Samir 3401 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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