CAIRO, Jan. 23 (Xinhua) -- Egyptian President Abdel-Fattah al-Sisi and his Russian counterpart Vladimir Putin on Tuesday virtually participated in the foundation-laying ceremony of a new unit of the El-Dabaa Nuclear Power Plant.
"Today, they are writing a new bright chapter in history by fulfilling the long-held aspiration of all Egyptians of owning a peaceful nuclear plant," said the Egyptian president.
Al-Sisi added that Egypt's peaceful nuclear program shall contribute to providing safe, cheap, and long-term energy supplies, reducing dependence on fossil fuels and avoiding fluctuations in their prices.
He described the project as another chapter in the close cooperation between Egypt and Russia.
For his part, the Russian president stressed that Egypt is "a friend and a strategic partner to Russia," adding that the two countries' relations are built on equality and mutual respect.
"This is one of the most important joint projects, which will contribute to developing the Egyptian economy and modern industries," Putin said.
In July 2022, Egypt began constructing the El-Dabaa nuclear power plant, the country's first nuclear power station, which is located in the Mediterranean province of Matrouh, some 300 km northwest of the capital Cairo.
The program is based on an agreement between Egypt and Russia that entered into force in December 2017. The project includes the building of four reactor units, each with a capacity of 1,200 megawatts, at a total construction cost of 28.75 billion U.S. dollars.
About 25 billion dollars, or 85 percent of the budget, is financed by Russia through a 22-year repayment loan. Egypt bears the remaining 15 percent in the form of installments.
Atomstroyexport is the Russian general contractor of the project, while Egypt's Nuclear Power Plants Authority supervises its construction. ■
