CAIRO (Reuters) – Russian state nuclear company Rosatom said on Monday a power station it will build in Egypt will cost up to $21 billion and is expected to be finished by 2028-2029. Russian President Vladimir Putin and his Egyptian counterpart Abdel Fattah al-Sisi will sign an agreement on the project on Monday, the Kremlin said.
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.
Rosatom Chairman Alexei Likhachyov said the loan would cover 85 percent of the construction costs and the company would service the plant’s four reactors for 60 years.
Reporting by Maria Tsvetkova; writing by Polina Nikolskaya; editing by Maria Kiselyova