Egyptian President Abdel Fattah al-Sisi said on Tuesday the construction of the county’s first nuclear power plant will cost up to around 1 trillion Egyptian pounds ($100 billion).
The 4,800 megawatt (MW) capacity plant at Dabaa in the north of the country, is expected to be up and running by 2026, a spokesman for the energy and electricity ministry told Reuters earlier this month.
“The Dabaa nuclear power plant will make Egypt achieve developed nation status,” Egyptian president said during the inauguration of several electricity mega projects earlier on Tuesday.
Sisi inaugurated Gabal El-Zeit wind farm, which is considered the largest in the world with an overall capacity of 580 megawatts, along with three power plants constructed by Siemens in the new capital, Beni Suef, and Burlus, to produce a total capacity of 14.4 gigawatts.
Egypt announced earlier this month that the construction of its first nuclear power plant, to be built by Russia, will begin in the next two to two-and-a-half years.
Moscow and Cairo signed an agreement in 2015 for Russia to build a nuclear power plant in Egypt, with Russia extending a loan to Egypt to cover the cost of construction.
Egypt’s official gazette said in 2016 the loan was worth $25 billion and would finance 85 percent of the value of each work contract, services and equipment shipping. Egypt would fund the remaining 15 percent.
