Moscow, Cairo Discussing Russian Government Loan for Egypt - Medvedev

© Sputnik / Ramil Sitdikov / Go to the mediabankRussian Prime Minister Dmitry Medvedev
Russian Prime Minister Dmitry Medvedev - Sputnik International
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Moscow and Cairo are in talks on a Russian government loan in the framework of a planned nuclear power plant construction project in Egypt, Russian Prime Minister Dmitry Medvedev said.

MOSCOW (Sputnik) — An NPP development project was signed between the two countries during Russian President Vladimir Putin's visit to Egypt earlier this year.

"The oversight authorities of our countries are working on drafting a memorandum of cooperation in nuclear energy infrastructure. Moreover, our respective finance ministers are conducting intensive consultations on another intergovernmental agreement, which will make a Russian government loan available to Egypt," Medvedev said in an interview with Egyptian daily Al-Ahram ahead of his visit to Egypt.

According to the Prime Minister, the number of nuclear power units at the plant, as well as a deal on on the commercial terms of its construction have now been agreed upon.

"They will be included in a new intergovernmental agreement, which is almost ready for signing," he said. "We hope that the document will be signed during the next bilateral meeting at the highest level."

Russia to 'Significantly Increase' Export of Grain to Egypt

Russia is planning a major increase in its grain exports to Egypt, Dmitry Medvedev said.

"We plan to significantly increase the export of Russian grain to Egypt, to 6.5-7 million tonnes a year. Accordingly, there is a real need to expand the Egyptian grain storage and processing infrastructure."

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According to Russian President Vladimir Putin, Russia provided about 40 percent of grain consumed in Egypt as of February 2015. In turn, Cairo exports large amounts of fruit and vegetables to Moscow.

"Egyptian agricultural products, such as potatoes and citrus fruit, have been well known to Russian consumers for many years and enjoy high demand on our market. But I'm sure that our countries are equally interested in supplying other products as well."

Egypt views Russia as a reliable partner against a backdrop of cooling relations with the United States after the deposal of former President Mohamed Morsi in 2013. Moscow has been broadening cooperation with Egypt amid sanctions imposed on Russia by the West over the events in Ukraine.

Mutual trade is on the rise, reaching, according to the Russian customs office, $5.5 billion in 2014, which is almost twice as much as in 2013. Russian exports have doubled to $4.9 billion, while imports were up by almost 25 percent."

The United States, the European Union and their allies have introduced several rounds of restrictive measures against Moscow, accusing it of meddling in Ukraine’s internal affairs.

Russia has repeatedly denied the allegations responding to the sanctions with a year-long embargo on food imports from the countries that have targeted its economy. The food ban was extended for another 12 months earlier this year.

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