Egypt Daily News – Egyptian President Abdel Fattah El-Sisi has approved the protocol of the agreement between Cairo and Moscow regarding Egypt’s acquisition of a government loan from the Russian Federation.
This was published in the official Egyptian gazette in its issue on Thursday, noting that the loan is for the construction of a nuclear power plant in Egypt, referring to the El-Dabaa nuclear power plant in Egypt. The Egyptian Parliament approved this decision on January 27th.
In November of last year, the Russian Federation Council approved a protocol extending the repayment period of the loan for the construction of the El-Dabaa nuclear power plant.
The Russian Ministry of Finance indicated that the protocol stipulates extending the loan’s usage and repayment period by two years and exempts Egypt from paying the due penalty interest. However, it requires the timely repayment of accumulated interest debts since March 2022.
Egypt and Russia signed an agreement for cooperation in building the El-Dabaa nuclear power plant in 2015, with Russia providing a loan of 25 billion dollars to Egypt. The commercial contracts for the plant began in December 2017, and it consists of four nuclear reactors with a total capacity of 4,800 megawatts.
