The Ministry of Electricity is preparing to hold a public rally to announce the details of the establishment of Dabaa nuclear power plant in cooperation with Russia.
A source at the Ministry of Electricity said that Minister Mohamed Shaker will review the latest developments in the negotiations with Russia on the Dabaa nuclear power plant, the economic feasibility of the project, and the advantages of establishing a peaceful nuclear power station for energy production.
Egypt signed an agreement with Russia to establish a nuclear power plant in Dabaa with a capacity of 4,800 MW at a price of $30bn.
Russia will provide a governmental loan to Egypt worth $25bn.
The loan will be used to finance 85% of the value of each contract to implement works, services, and shipments of the project. The Egyptian side will pay the remaining amount representing 15% in the form of installments. The amount will be paid for the benefit of the authorised Russian institutions in a way that suits the contracts, in the form of an advance or any later payment that is made after implementing works and services and delivering supplies. The term of the loan is 13 years from 2016 until 2028, with a 3% annual interest rate.
The commercial contract between Egypt and Russia to establish, supply, and operate the Dabaa plant includes four agreements: main establishment, fuel supply, technical support during operation, and establishing storage for consumer fuel.
President Abdel Fattah Al-Sisi said in previous statements that the Dabaa nuclear power plant is a third-generation technology reactor, which is the latest technology available worldwide in this field. He added that there are real guarantees during implementation and operation with regards to the environment and safety, according to international standards, where it could withstand a plane crash of 400 tonnes at a speed of 150 meters per second.