Russia said it would loan $25 billion to Egypt to begin building the first nuclear power plant in Egypt.
The loan is expected to cover 85 percent of the costs and Egypt will ahve to cover the remaining 15 percent, according to Russian Times.
The plant will consist of four units generating 4,800 MW of electricity. Russia is expected to provide the loan in installments from 2016 to 2018, and Egypt will have 22 years to repay it, the article said. The first repayment is scheduled for 2029 at an annual interest rate of 3 percent.
The two countries signed a memorandum of understanding to further develop the nuclear infrastructure. Russia’s Rosatom will build two of the reactors based on Russian technology.
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