Egypt’s Parliament approves amended Russian loan terms for El Dabaa Nuclear Plant

Egypt’s House of Representatives has approved on Tuesday a protocol amending the funding agreement with Russia for the construction of the El-Dabaa Nuclear Power Plant, marking a critical step forward in the project’s implementation.

During its general session on Monday, January 27, 2024, led by Speaker Hanafy El-Gebaly, the parliament endorsed Presidential Decree No. 515 of 2024. The decree approves modifications to the financing agreement signed on November 19, 2015, between the governments of Egypt and the Russian Federation. The agreement secures a Russian export loan for the development of Egypt’s first nuclear power plant.

The protocol was referred to a joint committee comprising the Energy and Environment Committee and the offices of the Budget, Economic Affairs, and Foreign Relations Committees during the House’s session on December 15, 2024. After a detailed review across three meetings, the committee recommended the protocol’s approval.

The amendments are designed to ensure the loan aligns with the revised implementation schedule for the El-Dabaa Nuclear Power Plant, providing flexibility to meet the project’s evolving needs.

This decision underscores Egypt’s commitment to advancing the El-Dabaa project, which represents a strategic milestone in the country’s energy and development plans.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser