Egypt’s electricity minister heads to Moscow for Dabaa nuclear plant talks

A high-level delegation headed by Egypt’s electricity minister Mohamed Shaker is travelling to Moscow Sunday to resume talks over the Egyptian Dabaa nuclear power plant.

Russia is set to build Egypt’s first nuclear power plant 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 Russian media reports two weeks earlier, Moscow is also set to provide Egypt with $25 billion in credit to begin building the Egyptian nuclear power plant, as part of an agreement between Moscow and Cairo earlier this year. The loan will cover 85 percent of the costs and Egypt will have to provide the remaining 15 percent.

The project is expected to help meet Egypt’s increasing energy demand.

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.