CAIRO: A $25 billion loan from Russia has been approved by President Abdel Fatah al-Sisi to build a nuclear power plant in Dabaa, northern Egypt, according to the Thursday issue of the Official Gazette.
Sisi met with Electricity Minister Mohamed Shaker Saturday, after the latter returned from Russia to review the final contract on the construction of the plan, scheduled to start mid-2016.
Minister of International Cooperation Sahar Nasr also met with Russian Ambassador to Cairo Sergei Bachenko May 5 to discuss the contract.
The loan covers 85 percent of the cost of the plant; Egypt will pay the loan back over 22 years in half-year installments at a yearly interest rate of three percent.
A total of 50 Egyptian students have been granted scholarships in nuclear energy by Rosatom State Nuclear Energy Corporation, Youm7 reported Tuesday.
The students will travel to Russia to receive training in operating the Dabaa plant. They are expected to be trained in different specialties in the field to become cadres in their home country after winning a competition that was held among Egyptian universities and research centers.
In November 2015, an agreement was signed between the two countries to finance and build four reactors in the first phase. Russian state-owned Rosatom will construct the plant, and the first reactor will begin operating by 2020.