Egypt, Russia to Sign Nuclear Plant Contract before End of 2016

Russian Trade Representative in Cairo Fedor Lukashin said evening that the signing ceremony of the Dabaa nuclear power plant contract is expected before the end of the year.

Lukashin said that talks have concluded on the financial and legal articles of the contract, noting that the Russian State Nuclear Energy Corporation (Rosatom) is currently reviewing data on the plant’s construction site.

The Russian official also highlighted the importance of establishing a Russian industrial zone in the east Port Said economic zone.

Cairo and Moscow signed an agreement in 2015 for Russia to build Egypt's first nuclear power plant.

According to the agreement, Russia is to loan Egypt $25 billion to finance the building and operating of the plant.

Egypt will pay an interest rate of 3 percent annually, with installment payments starting in 2029.