Russia to Loan $25 Billion to Build Egypt's 1st Nuclear Power Plant

[vostok]

Russia said it would loan $25 billion to Egypt to begin building the first nuclear power plant in Egypt.

The loan is expected to cover 85 percent of the costs and Egypt will ahve to cover the remaining 15 percent, according to Russian Times.

The plant will consist of four units generating 4,800 MW of electricity. Russia is expected to provide the loan in installments from 2016 to 2018, and Egypt will have 22 years to repay it, the article said. The first repayment is scheduled for 2029 at an annual interest rate of 3 percent.

The two countries signed a memorandum of understanding to further develop the nuclear infrastructure. Russia’s Rosatom will build two of the reactors based on Russian technology.
http://www.power-eng.com/articles/2...to-build-egypt-s-1st-nuclear-power-plant.html

 

[Vassnti]

Plenty of sunshine in Egypt.

According to news aggregator Energy Collective, a historic era is upon us because solar power has become affordable. More specifically, solar power has become cheaper than nuclear power.
The article sites researchers from Duke University in North Carolina, who found that the cost of "producing photovoltaic cells (PV) has been dropping for years ... at the same time, estimated costs for building new nuclear power plants have ballooned." Thus, it's cheaper to put solar panels on houses than to build a new nuclear power plant to service them.

 

[Thəorətic Muslim]

Looks like someone in the Eastern Eurasian zone is getting a few shiny new Mistrals.

 

[ZerTes]

 

[Kahraman99]

It is a pitty that some criminal military dictator like Al Sisi is acting like he would have the backing of Egytian people, while in fact the true president of Egypt Mohammed Mursi is sitting in jail.

 

[ultron]

Egypt is a Russia stooge

 

[Hyperion]

Excellent deal I must say (for Egypt)....... the question is, why are the Russians and French so benevolent w.r.t to Egypt nowadays?

View attachment 276189
Russia said it would loan $25 billion to Egypt to begin building the first nuclear power plant in Egypt.

The loan is expected to cover 85 percent of the costs and Egypt will ahve to cover the remaining 15 percent, according to Russian Times.

The plant will consist of four units generating 4,800 MW of electricity. Russia is expected to provide the loan in installments from 2016 to 2018, and Egypt will have 22 years to repay it, the article said. The first repayment is scheduled for 2029 at an annual interest rate of 3 percent.

The two countries signed a memorandum of understanding to further develop the nuclear infrastructure. Russia’s Rosatom will build two of the reactors based on Russian technology.
http://www.power-eng.com/articles/2...to-build-egypt-s-1st-nuclear-power-plant.html

 

[Aepsilons]

Congratulations to both Egypt and Russia.

 

[Kahraman99]

Congrats to russian drunkards for fooling another country into their bussiness-trap!

Russkies are known for bad quality service, delays and disobeying contracts.

No sane country would ever sign a contract with russia anymore.

 

[jamal18]

Excellent deal I must say (for Egypt)....... the question is, why are the Russians and French so benevolent w.r.t to Egypt nowadays?

Because

[QUOTE="t the true president of Egypt Mohammed Mursi is sitting in jail.[/QUOTE]

 

[Kahraman99]

Al sisi the dictator clown looks like a servant in the picture.i think russians will rob egyptian people with overpriced electricity.

 

[Shotgunner51]

View attachment 276189
Russia said it would loan $25 billion to Egypt to begin building the first nuclear power plant in Egypt.

The loan is expected to cover 85 percent of the costs and Egypt will ahve to cover the remaining 15 percent, according to Russian Times.

The plant will consist of four units generating 4,800 MW of electricity. Russia is expected to provide the loan in installments from 2016 to 2018, and Egypt will have 22 years to repay it, the article said. The first repayment is scheduled for 2029 at an annual interest rate of 3 percent.

The two countries signed a memorandum of understanding to further develop the nuclear infrastructure. Russia’s Rosatom will build two of the reactors based on Russian technology.
http://www.power-eng.com/articles/2...to-build-egypt-s-1st-nuclear-power-plant.html

Congrats to both countries on this massive deal!

 

[Kahraman99]

Japan mitsubishi corp. Declared that they want to build the nuclear plant in Turkey instead of Russia.

Russia+egypt= epic fail

Turkey + mitsubishi heavy industries = win win situation.

 

[ZerTes]

Japan mitsubishi corp. Declared that they want to build the nuclear plant in Turkey instead of Russia.

Russia+egypt= epic fail

Turkey + mitsubishi heavy industries = win win situation.

 

[Madali]

Egypt's economic strategy & foreign policy seems to be built on taking loans from everyone.

Seriously, just google "Egypt" and "Loan".

World Bank:
World Bank expects to pay $1 billion loan to Egypt | GulfNews.com

Saudi Arabia:
Saudi Arabia approves $100 million loan to Egypt - Economy - Business - Ahram Online

EU Bank:
http://www.dailynewsegypt.com/2015/11/17/200m-ebrd-loan-to-address-egypts-energy-shortage/

African Bank:
http://www.dailynewsegypt.com/2015/11/25/afreximbank-closes-syndicated-loan-worth-525m-for-eehc/

IFC:
Egypt hospitality firm to receive US $20.5mn loan | HotelierMiddleEast.com

German Bank:
Egypt secures $4.2bn loan for three power projects | ESI-Africa.com

Kuwait:
Kuwait finances electrical line between Egypt, Saudi Arabia with LE750 mn loan | Egypt Independent

For the future, in talks with South Korea to get loans,
Egypt seeks loans from South Korean development fund | News | MEED

Seriously, Egypt, man up, bro.