Minister of Finance of Russia Anton Siluanov is suggesting to use the Russian National Wealth Fund to provide Cairo with a $25bn loan until 2028 to consturct Egypt’s first nuclear power plant.
Russia and Egypt signed contract on the construction of the nuclear power plant in Dabaa on the Mediterranean coast in 2017. It will contain four 1,200 megawatt reactors and will be built by the Russian state nuclear company Rosatom. Then Rosatom stated that the Dabaa nuclear power plant was expected to cost an estimated $21 billion and would be finished in either 2028 or 2029.
Siluanov’s suggestion will be possible if the amount of funds in the Russian National Wealth Fund reaches 7% of Russia’s GDP. According to experts, this condition will be reached in late 2019. After this, Russia will be able to use the fund for investment projects.
Egypt’s President Abdel Fattah el-Sisi and his Russian counterpat Vladimir Putin met in Sochi in October 2018. During the meeting, the Dabaa nuclear power plant was once again noted as one of the key projects between the two states.