Russia to loan Egypt $25bn for nuclear plant construction

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Russia to loan Egypt $25bn for nuclear plant construction

Post by DJKeefy »

Russia will provide Egypt with $25 billion in credit to begin building the country's first nuclear power plant, according to reports in the Russian media. The project is expected to help meet the country’s increasing energy demand.

The loan comes as part of the agreement reached by the two countries earlier this year. It will cover 85 percent of the costs and Egypt will have to provide the remaining 15 percent.

The plant which will be built in Dabaa (about 130 kilometers south of Cairo), and will be one of the largest joint projects between Russia and Egypt. It will comprise four 1200 MW nuclear power generators.

According to the agreement, Russia will provide the loan in installments from 2016 to 2018, while Egypt will have to repay over a 22-year period. The first repayment is scheduled for 2029, at an annual interest rate of three percent.

Russia would contribute to the construction of the plant, and provide staff and scientific research.

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During a visit to Cairo, President Vladimir Putin announced that Russia will contribute to building “a whole new nuclear power industry” in Egypt. The two countries have signed a number of agreements along with the memorandum of understanding on the nuclear plant construction.

They also agreed that Russia’s nuclear agency Rosatom would build two of the reactors based on Russian technology. The head of Rosatom Sergey Kirienko said the new generation plant would comply with post-Fukushima safety standards.

Source: https://www.rt.com/business/324005-russ ... lant-loan/


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Re: Russia to loan Egypt $25bn for nuclear plant constructio

Post by LovelyLadyLux »

Seems Russia is making a move to make itself known much more in the world community.

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Re: Russia to loan Egypt $25bn for nuclear plant constructio

Post by A-Four »

'Memorandum of Understanding'..........well we all understand what that means these days.

$25 Billion, get real here, the top grade plants come out at only around $8 to $10 Billion, something wrong here somewhere. Last year France was the biggest investor in the whole of Africa, 50 plus countries, and that was $18 Billion.

If in the U.K. a similar government investment of such a power plant was made, and to pay for it in one year, then tax revenue on the P.A.Y.E. system would have to be raised by at least 5p in the £ for the whole of that period.

Mi smells something that is not quite good here. :wi .

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Re: Russia to loan Egypt $25bn for nuclear plant constructio

Post by newcastle »

There's a lot of baksheesh in that deal :lol:

Or maybe a small army to guard the plant?

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Re: Russia to loan Egypt $25bn for nuclear plant constructio

Post by Brian Yare »

newcastle wrote:There's a lot of baksheesh in that deal :lol:

Or maybe a small army to guard the plant?
Maybe they are factoring in the cost of decommissioning the plant later this century? :mo

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