Cryptocurrency

Egypt says to start building nuclear plant in next two years

Egypt said on Sunday that construction of its first nuclear power plant, to be built by Russia, will begin in the next two to two-and-a-half years.

The 4,800 MW capacity plant at Dabaa in the north of the country, aims to be up and running by 2026, a spokesman for the energy and electricity ministry told Reuters.

Moscow and Cairo signed an agreement in 2015 for Russia to build a nuclear power plant in Egypt, with Russia extending a loan to Egypt to cover the cost of construction.

Egypt’s official gazette said in 2016 the loan was worth $25 billion and would finance 85 percent of the value of each work contract, services and equipment shipping. Egypt would fund the remaining 15 percent.

Show More