The State Council will complete its review of the last contract drafts of the Dabaa nuclear plant this week, and all contracts will be ready for signature early next month.
According to government sources, the presidency is organising a large ceremony to sign contracts for the construction of the Dabaa nuclear station in the presence of Presidents Abdel Fattah Al-Sisi and Vladimir Putin, attended by a high-level delegation from Russia and a large number of Egyptian scientists, public figures, and opinion leaders.
The sources told Daily News Egypt that the date of the contract-signing ceremony depends on the schedule of Russian President Vladimir Putin. The ceremony is scheduled to be held in Cairo within two months.
President Al-Sisi had invited Russian President Vladimir Putin weeks ago to attend the ceremony to lay the foundation stone for the nuclear plant.
Four contracts will be signed, including two construction and design contracts, a fuel supply contract, and a training, technical support, and maintenance contract for the Dabaa nuclear plant.
Egypt signed an agreement with Russia to build a nuclear power plant in Dabaa with a capacity of 4,800 MW and with the third most secure third generation technology. The cost of the plant is estimated at $30bn.
Russia will provide Egypt with a loan worth $25bn to finance equipments for construction and operation of the nuclear power plant in Dabaa.
The sources explained that the first tranche of the Russian loan will be used after the formal signing of contracts and the start of the construction of the plant, where the loan is used to finance 85% of the value of each contract for constructions, services, and shipments needed for the project. The remaining value will be financed locally.
The loan is for 13 years between 2016 until 2028, with an interest rate of 3% per annum.
The sources pointed out that the project of the Dabaa nuclear plant will play a key role in diversifying the energy mix in Egypt and strengthening its regional and international status, and put the country on the threshold of technological advances, cutting down long years on the path of scientific and technological progress.
In addition, the sources said that the return of Russian tourism to Egypt is expected before the end of December, in light of the good relations between the two countries and in conjunction with the signing of contracts for the Dabaa nuclear plant.
Russia banned flights to Egypt until security measures were checked at the airports after a Russian plane crashed in 2015 en route from Sharm El Sheikh to Moscow.