Russian President Vladimir Putin has announced a loan to Egypt in order to finance the construction of Egypt’s Dabaa nuclear power plant, which will be constructed by Russia’s State Atomic Energy Corporation (Rosatom), the Financial Times reported.

The president’s announcement was made during his annual foreign policy address on October 19.

Russia’s sovereign wealth fund will finance the project, said Minister of Finance Anton Siluanov, adding that the fund will be divided into $3 billion to $4 billion annual tranches, according to Reuters.

The construction of the Dabaa plant is set to start in fiscal year 2020/21.