Russia to lend Egypt $25 billion to build nuclear power plant

May 19, 2016 14:27

CAIRO - Russia will loan Egypt $25 billion to finance building and operating a nuclear power plant in Egypt, the official gazette said on Thursday.

Egypt and Russia signed an agreement on Nov. 19 for Russia to build Egypt's first nuclear power plant in Egypt and to extend Egypt a loan to cover the cost of construction.

It was not clear at the time what the deal was worth, but Egypt's president Abdel Fattah al-Sisi said the loan would be paid off over 35 years.

Egypt will pay an interest rate of 3 percent annually, according to the country's official gazette. Installment payments will begin on Oct. 15, 2029.

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