Russian President Vladimir Putin and Egyptian President Abdel Fattah el-Sisi signed a preliminary agreement to jointly build Egypt’s first nuclear power plant, after the two leaders met in Cairo on February 9-10.
The plant, that will be built in Dabaa on the Mediterranean coast in northwest Egypt, will help with Egypt’s need for electricity. The site was selected during former president Hosni Mubarak’s term, but made little progress due to protests from local residents as well as general unrest.
As a condition of building the plant, Russia will also provide financing. Russian company Rosatom will build the plants according to “Russian technology”and supply 1,200-megawatt reactors. Construction of the two new reactors at Dabaa is expected to cost about US$8 billion each.
In addition to the nuclear power plant agreement, the two nations agreed to improve natural gas business and investment. Further, Egypt will allow Russia to develop an industrial zone along its Suez Canal, which is currently undergoing a massive expansion.
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