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Egypt signs nuclear power plant deal with Russia
- 9 years ago (2015-11-20)
- Junior Isles
Egypt has signed a deal with Russia for the latter to construct the country’s first nuclear power plant. The deal will be financed through the extension of an already existing loan agreement between the two countries.
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A spokesperson from the Russian state-owned nuclear power company, Rosatom , said that the nuclear power plant, Egypt’s first, would be built at Dabaa in the north of the country, and is expected to be completed by 2022.
The deal has been on the table since the 1980s, but has been shelved a number of times due to the Chernobyl disaster in 1986 and the overthrow of Mubarak in 2011. President Abdel Fattah el-Sisi subsequently signed a memorandum of understanding with Russian in February 2015.
With a population of 90 million and large energy requirements, Egypt is seeking to diversify its energy sources.
While speaking on state television, President al-Sisi said that the project would involve the building of a “third generation” plant with four reactors. While it is not clear how much the deal is worth, al-Sisi said: “The country and the balance sheet will not bear the cost of building this plant. It will be paid back through the actual production of electricity that will be generated by this plant.” He also spoke of building solar and wind energy facilities in order to generate 4300 MW in the coming years.