Russia has signed 2 agreements with Egypt to finance and build its 1st nuclear power plant at Dabaa on the Mediterranean coast in the northwest of the country. As per 1 of the agreement, Russia will extend a loan to Egypt to cover the cost of construction of the nuclear plant which is expected to be completed by 2022.
Under the agreement :
- Russia will grant a 35 year loan to the Egypt which is the Arab world’s most populous country.
- However in the agreement the loan has been not disclosed as the details of the credit agreement are still under discussion.
- Dabaa Nuclear plant will be 3rd generation plant with 4 reactors with total capacity of 1,200 MW.
- On completion the plant will make Egypt a regional leader in terms of civil nuclear technology.
Background:
- Since 1980s, Egypt has been pursuing its plan to have a peaceful nuclear programme for the production of electricity at Dabaa.
- But the North African country had frozen its nuclear programme plans after disputes with local residents due to the Chernobyl disaster in 1986.
- However in 2006, under the dictatorial President ship of Hosni Mubarak, Egypt once again had announced plans to revive its dream of peaceful nuclear programme.
- But the President was overthrown in 2011 revolution and its nuclear programme plans were stalled.
- The newly elected President Abdel-Fattah al-Sisi in February 2015 had signed a Memorandum of Understanding (MoU) to go ahead with the civil nuclear programme.
Russia inks deal to build Egypt’s 1st nuclear plant at Dabaa
