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Monday, 13 April 2020

Russian companies to invest USD 1.5 bn in Egypt this year

INVESTMENT WATCH- Russian companies plan to invest USD 1.5 bn in Egypt this year: Unnamed Russian companies are planning to invest a combined USD 1.5 bn in agriculture, railway infrastructure, automobile manufacturing and shipbuilding in Egypt this year, Russian Trade Representation head in Cairo Nikolai Aslanov tells Al Mal. Aslanov did not provide further details on the specific companies or projects these investments are earmarked for.

Separately, Aslanov confirmed that construction of Rosatom’s Dabaa nuclear power plant has yet to experience interruptions, and work on the plant site is moving ahead according to schedule. Russian state energy agency Rosatom was contracted in 2015 to construct the 4.8 GW Dabaa nuclear plant for some USD 25 bn, 85% of which would be financed through a USD 25 bn loan from Russia, with Egypt scheduled to begin repaying the 3% interest (through biannual payments over 22 years) in October 2029.

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