Russian news agency RIA Novosti and Russia Today reported that the loan agreement with Egypt was concluded on November 9, 2015, and was subsequently amended on September 16, 2024, according to Russian Deputy Finance Minister Vladimir Kolychev, to shift to paying the loan in rubles.
The media added that due to the difficulty of repaying loans in
unfavorable currencies, the two parties switched to settling the debt in rubles
and signed the necessary government protocol in September of last year.
However, the decision required President Putin's approval. Russian media confirmed that Egypt had fully repaid its
debts by the beginning of 2024, and stated that all loan installments are now
being repaid according to the approved schedule.
It's worth noting that Egypt and Russia signed a cooperation agreement
on November 19, 2015, to build the Dabaa nuclear power plant, with an
investment cost of $25 billion, provided by Russia in the form of a soft
government loan to Cairo.
The Russian company Rosatom is implementing this plant on Egypt's northwestern coast, using world-class technology and adhering to the highest safety and security standards set by the International Atomic Energy Agency.