It will be Egypt’s first commercial nuclear power station, and will be built in the city of Dabaa, about 130 km northwest of Cairo.
Press reports in Egypt put the cost of the facility, which will have four Generation III+ VVER-1200 reactors supplied by Russia, at more than $25 bn.
The units are to be built by Russia’s state nuclear corporation Rosatom under agreements signed in 2015 and 2017. The first unit is scheduled to begin commercial operation in 2026.
Russia has agreed to lend Egypt $25bn for the construction of the project, earlier reports said, adding that 85% of the project will be financed through a Russian loan with an interest rate of 3%.