The Egyptian cabinet has officially approved cooperation with Saudi Arabia in peaceful usage of nuclear power and on nuclear security, informed Ahram Online.
The deal that was primarily signed during Saudi King Salman’s visit to Cairo in early April 2016 aims to facilitate cooperation between the two nations in the sector.
Egypt is currently executing the plans needed to construct the country’s first nuclear power plant. The plant is expected to fully operate by 2024 in Marsa Matruh, the capital of the Matrouh Governorate, Masress wrote. 85% of the expenses needed to build and operate this plant will be taken from Russia as a loan that would be paid off over the next 35 years, according to Reuters.
The two countries have already collaborated multiple times before in improving their energy consumption. In January 2015, a $1.6b deal was approved by the Egyptian Electricity Ministry to come hand in hand with Saudi Arabia and connect the countries’ power grids together in an attempt to share 3,000 MW of electricity by 2017.