Arab Finance: Russia has lent Egypt over $1 billion so far of the $25 billion loan for the construction of the El Dabaa Nuclear Power Plant (NPP), Egyptian government officials told Al Arabiya Business.

The unnamed sources pointed out that Egypt obtained the funds over several tranches of different values, which were provided to the construction companies operating at the plant in foreign currency.

In November 2015, Russia and Egypt signed an intergovernmental agreement on the construction of the country's first nuclear power plant in Cairo at a total cost of $30 billion.

Both parties also signed an agreement to provide Egypt with a state export loan of $25 billion for the construction of the nuclear power plant, which will cover 85% of the work.

The remaining expenses shall be covered by the Egyptian side by attracting private investors. Under the agreement, Egypt is to start payments on the loan, which was provided at 3% per annum, in October 2029.

The El Dabaa NPP will comprise four units, with each of them having a capacity of 1,200 megawatts.

Copyright © 2022 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).