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Sunday, 21 October 2018

Is Egypt about to take on a USD 45 bn loan from Russia for Dabaa?

Egypt to take on USD 45 bn in financing from Russia for Dabaa? Russian President Vladimir Putin offered to lend Egypt USD 45 bn to finance the construction of the Dabaa nuclear power plant, which will be built by Russia’s Rosatom, the Financial Times reports. Putin made public the offer during his annual foreign policy speech on Thursday, but offered no further detail. Russian Finance Minister Anton Siluanov told reporters on Thursday that Moscow may lend Egypt the money through Russia’s Sovereign Wealth Fund, according to Reuters Arabic. Egypt would apparently draw down the funds at the rate of USD 3-4 bn each year to support construction. News of the loan comes after the two countries signed a strategic cooperation agreement during President Abdel Fattah El Sisi’s visit last week to Moscow.

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