Vast preferential credit offered by Russia to Egypt

Vast preferential credit offered by Russia to Egypt
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Russia is giving Egypt an export loan of $25 bln over 13 years, with a rate of 3% per annum, for the construction of the first NNP in the country.

The Egyptian press reported about this, referring to sources close to the negotiations. According to them, the Russian loan will be used for the financing of 85% of all work on the construction site of the four generating units of 1200 MW each. The remaining 15% of the NPP’s cost will be financed by the state budget of Egypt. The Arab republic will repay the money over 22 years.

The first repayment is designated for October 15th, 2029.

To remind you, the intergovernmental agreement on cooperation on the construction and exploitation of the first Egyptian NPP, using Russian technology, was signed in Cairo on November 19th. It was then that the parties signed the agreement on the loan to Egypt for this project.