The Egyptian presidency is preparing to organise the signing ceremony of the contracts for the Dabaa nuclear plant with Russia, in the presence of Presidents Abdel Fattah Al-Sisi and Vladimir Putin.
Government sources told Daily News Egypt that Al-Sisi was briefed on all the contracts and agreements of the Dabaa nuclear plant after review by the State Council. The agreements are now ready to be signed by the Egyptian and Russian sides.
The sources added that President Al-Sisi extended an invitation to his Russian counterpart to sign the contracts in accordance with his agenda. It was agreed that the signing will be in December due to the Russian president’s full November schedule.
The sources pointed out that Al-Sisi is very enthusiastic about the establishment of the Dabaa nuclear power plant for peaceful energy production, noting that the delay of the contract so far was due to the president’s keenness to follow up on all the plant’s details, including safety, costs, and contracts.
Moreover, the sources said that the presidency will distribute invitations to guests within three weeks. The list of invitees includes scientists, public figures, members of the media, as well as leaders of the Russian company Rosatom, which will construct the plant.
Egypt reached an agreement with Russia to build a nuclear power plant in Dabaa with a capacity of 4,800 MW and with the 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 the construction and operation of the Dabaa plant.
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%, which will be paid in the form of installments. The amount will be paid through the authorised Russian institutions, in a way that suits the contracts, in the form of advance payments, or ones to be paid after implementing works and services, and delivering supplies.
The loan is to be paid over 13 years, from the period between 2016 and 2028, with a 3% annual interest rate.