×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: ML | Egypt | Russia

Egypt Gets $25 Billion Loan from Russia for Nuclear Plant

Thursday, 19 May 2016 01:10 PM EDT

CAIRO (AP) — Egypt has announced a $25 billion loan from Russia for the building of a nuclear power plant.

Thursday's announcement came in a decree by President Abdel-Fattah el-Sissi. The Russian loan will cover 85 percent of the expenses of the plant's construction.

Egypt, which will cover the other 15 percent, is to repay the loan over a 22-year period, starting in 2029, with a 3 percent annual interest rate.

Egypt and Russia agreed in February 2015 to build the plant together and signed a memorandum of understanding on the project. But the relations between the two nations were badly impacted after the horrific Russian passenger plane crash in Sinai last October, when all 224 people on board were killed.

Egypt's economy has plummeted amid a slump in the tourism sector.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


MiddleEast
Egypt has announced a $25 billion loan from Russia for the building of a nuclear power plant.Thursday's announcement came in a decree by President Abdel-Fattah el-Sissi. The Russian loan will cover 85 percent of the expenses of the plant's construction.Egypt, which will...
ML,Egypt,Russia
131
2016-10-19
Thursday, 19 May 2016 01:10 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved