The head of Egypt’s top nuclear authority confirmed on Saturday that the recent US dollar shortage in Egypt will not affect the construction of its nuclear power reactor.
Amjad Al-Wakil, the Chairman of the Nuclear Power Plants Authority (NPPA), said: “The project is progressing according to the defined timetable. There is no impact on the project by the dollar crisis,” according to Addustour newspaper.
Al-Wakil emphasised that the nuclear project, set to contribute approximately seven percent to Egypt’s power grid upon completion in 2026, is not facing any financial issues. This is because the contract with the Russian company includes a provision for a loan to Egypt to fund the reactor.
Rosatom, the state-owned nuclear energy corporation of Russia, is undertaking the construction of a nuclear reactor in Dabaa, a northern port in Egypt.
Authorities have stated that the project’s estimated cost is close to $28.7 billion. Russia has agreed to cover 85 percent of this amount, which equates to approximately $25 billion, in the form of a state loan.
