Seeking to complete 1st nuclear power plant as scheduled: Egyptian PM Madbouly

Egyptian Prime Minister Mostafa Madbouly said that Egypt seeks to complete the first stage of the construction of El-Dabaa Nuclear Power Plant, built by Russia's State Atomic Energy Corporation Rosatom, as scheduled due to the project's strategic importance.

Madbouly made the remarks during a meeting with Rosatom's chief executive officer Alexey Likhachev, attended by other Egyptian and Russian energy officials and diplomats, the Egyptian cabinet said in a statement.

Nuclear energy is an important component of clean energy production, which goes in line with the Egyptian government's goal to increase the share of clean energy in the country's energy mix to 42 per cent by 2030, Madbouly was quoted as saying.

He stressed his government's commitment to cooperating with Russia to complete the first phase of the project on schedule, emphasising it is a strategic and pivotal goal for Egypt, Xinhua news agency reported.

Likhachev expressed gratitude for the Egyptian government's support in helping Rosatom "accelerate the project's implementation," highlighting historical relations and decades-long cooperation between Russia and Egypt.

The first phase of the El-Dabaa Nuclear Power Plant project is scheduled to be completed in 2028, according to a statement by the Egyptian Prime Minister in late August.

Construction of the El-Dabaa Nuclear Power Plant, Egypt's first nuclear power station, began in July 2022. The plant is located in the Mediterranean province of Matrouh, approximately 300 km northwest of Cairo.

The project is based on an agreement between Egypt and Russia that entered into force in December 2017. It includes the construction of four reactor units, each with a capacity of 1,200 megawatts, at a total cost of $28.75 billion.

About $25 billion, or 85 per cent of the cost, is financed by Russia through a 22-year repayment loan, while Egypt covers the remaining 15 per cent in instalments.

Atomstroyexport is the Russian general contractor of the project, while Egypt's Nuclear Power Plants Authority supervises its construction.