Egypt s President Abdel Fattah el-Sisi held a meeting on Sunday with Prime Minister Mostafa Madbouli and Minister of Electricity and Renewable Energy Mohammed Shaker to discuss the developments on the establishment of the Dabaa Nuclear Power Plant, said presidential spokesperson Bassam Radi.
Shaker clarified that the pre-construction works are underway, including site preparation, design activities, the completion of infrastructure facilities and the preparation of equipment necessary for the construction of the plants, added Radi.
Radi noted that Sisi asked that the necessary technical and legal measures be taken to commence the construction in accordance with the highest standards of nuclear safety and security.
Sisi asserted that the energy produced by the Dabaa plant will provide the necessary power for the country s economic and social development plans as well as for the current and future needs of its people.
In December 2017, Russian President Vladimir Putin and Egyptian President Abdel-Fattah Al-Sisi signed a contract to begin work on the Dabaa Nuclear Power Plant. Construction is expected to start in 2020, according to Alexei Likhachev, Chief Executive Officer of Russia s state nuclear corporation ROSATOM.
The plant is expected to be fully built by 2022.
Russia will loan Egypt $25 billion to finance building and operating the plant. Egypt will pay an interest rate of three percent annually. Installment payments will begin on October 15, 2029.