Moscow to Fund Egypt's First Nuclear Power Plant

Following almost two years of negotiations, a deal was finalized on the sidelines of the BRICS summit held in China

Russian President Vladimir Putin and Egyptian President Abdel-Fattah el-Sissi hold a  bilateral meeting on the sidelines of the BRICS Summit in Xiamen, Fujian province, China, Monday, Sept. 4, 2017.
Russian President Vladimir Putin and Egyptian President Abdel-Fattah el-Sissi hold a bilateral meeting on the sidelines of the BRICS Summit in Xiamen, Fujian province, China, Monday, Sept. 4, 2017.Credit: /AP

Russian media say Egypt has finalized a deal to build a nuclear power plant with funding from Moscow after nearly two years of negotiations.

The reports Monday came after Egypt's President Abdel-Fattah el-Sissi met with Russian President Vladimir Putin in China, where they were attending a summit.

The nuclear plant will be built in Dabaa, about 130 kilometers (80 miles) northwest of Cairo on the Mediterranean coast.

Egypt's presidency says el-Sissi has invited Putin to Egypt to mark the start of construction.

In 2015, Egypt signed an agreement with Russia to build a four-reactor power plant. It will receive a $25 billion Russian loan to cover 85 percent of the plant, with a capacity of 4,800 MW.

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