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Moscow, Cairo to ink $26bn nuclear plant construction deal in Q1 2016

Staff writer |
The contract to construct Egypt's first nuclear power plant is expected to be signed by Russia and Egypt in the first quarter of 2016.

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“We plan to sign contract worth $26 billion in the first quarter,” a source from Russian nuclear agency Atomstroyexport told journalists, RT reports.

The agreement on building a plant was reached by the two countries earlier this year. As part of it, Russia will provide Egypt with $25 billion in credit to begin construction. It will cover 85 percent of the costs; Egypt has to provide the remaining 15 percent.

The plant will be built in Dabaa which is about 130 kilometers south of Cairo, it will comprise four 1200 MW nuclear reactors.

Moscow will also provide staff and scientific research for the project. The Russian nuclear agency Rosatom will construct two of the plant's reactors using Russian technology.

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