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Sunday, 22 May 2016

Russia to lend Egypt USD 25 bn to build nuclear power plant

Egypt will accept a USD 25 bn loan from Russia to finance the construction and operation of the Daba’a nuclear power station, according to an agreement published in the Official Gazette and carried by Reuters. The loan carries a 3% interest rate with installments beginning from 15 October 2029. “The loan will be used by the Egyptian side for a period of 13 years between 2016-2028 … the Egyptian side will repay loan amounts used over 22 years in 43 instalments,” the gazette said. The agreement to build a nuclear power plant was signed with Russia on 19 November, but the terms of the agreement were unclear at the time.

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