Egypt is to receive a loan of $25bn towards the development of its first nuclear power plant at Dabaa in the north of the country.
The countries had signed an agreement last year on the project but only now has Egyptian president Abdel Fattah al-Sisi confirmed the loan amount which will be paid off over 35 years at an interest rate of 3 percent annually, according to the country’s official gazette.
43 Instalment payments will begin on Oct. 15, 2029.
The loan will finance 85 per cent of the value of each contract for the work, services and equipment shipping, the gazette said. Egypt will finance the remaining 15 percent.
It is due to be completed in 20022, and the first of its four reactors is expected to begin producing power in 2024.
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