Russia signed two agreements Thursday to finance and build Egypt’s first nuclear power plant, in a ceremony attended by President Abdel Fattah el-Sissi.
Sergei Kirienko, director general of Russian atomic energy agency Rosatom, said the agreement is for the construction and operation of four 1,200 MW reactors, making the country “a regional leader in technology.”
Sissi said that, under the second deal, Russia grant a 35-year loan to Egypt. He did not say how much the loan will amount to or what its terms are.
Sissi announced the project in February during a visit by Russian President Vladimir Putin, when a memorandum of understanding was signed.
The plant is to be built in Dabaa on the Mediterranean coast in the northwest of the country.
Egypt laid the foundation for the facility during the regime of president Hosni Mubarak, ousted in January 2011, but work was halted due to disputes with local residents.