CAIRO – 25 June 2025: Russian President Vladimir Putin has ratified an amendment to the Dabaa Nuclear Power Plant agreement with Egypt regarding the terms of repayment for the loan financing the project, according to Russian news outlet RT.
The new amendment allows Egypt to repay the loan in Russian rubles instead of foreign currencies.
President Putin confirmed that Egypt has met all of its debt obligations up to early 2024 and continues to make repayments on schedule in line with the approved timeline.
Russia originally granted the loan to Egypt on November 9, 2015, under a formal agreement. This agreement was later amended on September 16, 2024, as announced by Russian Deputy Finance Minister Vladimir Kolychev.
The switch to ruble-denominated payments was made due to what Kolychev described as "challenges in repaying using unfavorable foreign currencies." The updated intergovernmental protocol was officially signed by both parties in September of last year.
The Dabaa Nuclear Power Plant project is expected to deliver significant economic benefits to Egypt by advancing the country's industrial and technological development.
Rosatom is collaborating with local suppliers in the project, with the goal of reaching a local content share of 20–25% when the first reactor becomes operational in 2028.
Wed, Jun. 25, 2025
