In an interview with Al-Ahram newspaper, Russian Prime Minister Dmitry Medvedev said that a new intergovernmental agreement on a planned nuclear power plant construction project in Egypt is almost ready for signing.
Medvedev added that a set of similar contracts is currently being prepared and is expected to be signed around September this year.
Medvedev noticed that “technical specifications and the number of nuclear power units, as well as the key commercial terms, have been agreed upon. They will be included in a new intergovernmental agreement, which is almost ready for signing.”
Medvedev is optimistic that the document will be signed at the next bilateral meeting at the highest level.
As part of the Egypt’s energy diversification, the federal government announced on 10 February 2015 that they had entered into an agreement with Russia to develop the country’s first nuclear power plant.
Russian State Corporation Rosatom and the Ministry of Electricity and Renewable Energy of Egypt signed an agreement on developing a project to build a Russian designed NPP in Egypt.
According to declarations made by CEO of the Rosatom State Atomic Energy Corporation Sergei Kiriyenko, the Parties “achieved the agreement in principle” for the construction of four power units with a total generation capacity of 4,800MW.
The estimated cost of the project is about $20 million (ZAR252 million). The Russian government loan for Egypt is previewed.
Finance and benefits
Medvedev added that both countries’ respective finance ministers “are conducting intensive consultations on an intergovernmental agreement, which will make a Russian government loan available to Egypt.”
According to the Russian prime minister, the collaboration will generate employment for the local working force, who will also have the opportunity to get “academic and hands-on training” at Russian nuclear facilities.