Moscow and Cairo have signed an agreement for Russia to build four third generation reactors in the northern city of Dabaa. It is expected to be complete by 2022.
Although it is not known how much the deal is worth, President Sisi did reveal that the project would be funded with a loan from Russia to be paid off over 35 years.
“The country and the balance sheet will not bear the cost of building this plant. It will be paid back through the actual production of electricity that will be generated by this plant,” he says.
Moscow and Cairo signed a memorendum of understanding in 2014.
“This was a long dream for Egypt, to have a peaceful nuclear program to produce electricity. This dream was there for many years and today, God willing, we are taking the first step to make it happen,” Mr Sisi says.
P. Antonopoulos is currently a Candidate for an MA Degree, writing his dissertation on the Saudi-Iranian Geopolitical Rivalry in the Syrian War.
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