Egypt will finalize the Dabaa nuclear power plant and finalize the agreement in 2016, as Russian Trade Representative in Cairo, Fedor Lukashi, stated that the signing ceremony will be before the end of the year, reported Ahram Gate. He added that the talks were concluded on the financial and legal articles of the contract. Russian State Nuclear Energy Corporation (Rosatom) is reviewing data of the site in which the plant will be constructed.

Cairo and Moscow signed an agreement in 2015 for Russia to build Egypt’s first nuclear power plant. According to the agreement, Russia is to loan Egypt $25 billion to finance the building and operating of the plant. Egypt will pay an interest rate of 3% annually, with installment payments starting in 2029.

Lukashi comments concur with Egypt’s Minister of Electricity, Mohamed Shaker, statement. In mid November, Shaker had said that Egypt had agreed with Russia to sign the final contract for the nuclear power plant Al Dabaa by the end of 2016. Meanwhile, Head of the Energy Committee at the Egyptian parliament, Talaat El Swedy, stated that Al Dabaa nuclear plant agreement had not been presented to the Egyptian parliament at the time of the report. However, he stressed that the parliament would not decline any national project agreement such as Al Dabaa nuclear power plant agreement and there is no operational and financial terms left to be discussed.