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Egypt Seeking to Construct More Nuclear Power Plants

A view of the panel discussion held in Cairo on Monday. (Asharq Al-Awsat)
A view of the panel discussion held in Cairo on Monday. (Asharq Al-Awsat)
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Egypt Seeking to Construct More Nuclear Power Plants

A view of the panel discussion held in Cairo on Monday. (Asharq Al-Awsat)
A view of the panel discussion held in Cairo on Monday. (Asharq Al-Awsat)

An Egyptian official declared Monday that the country plans to expand the construction of nuclear plants to generate electricity to meet the surging development in the country.

Head of Nuclear Fuel Sector at NPPA Hesham Hegazy said that Egypt intends to construct several nuclear plants in various regions. It already boasts the El Dabaa Nuclear Power Plant.

The country is seeking to increase dependency on nuclear energy to 8 percent by 2030, he said during a panel held by Rosatom under the title “The Role of Nuclear Energy in Sustainable Development”.

The Russian company is in charge of constructing El Dabaa plant.

The discussion was attended by the CEO of Rosatom Regional Center in the Middle East and Northern Africa region Alexander Voronkov, Rosatom Chief Sustainability Officer Polina Lion, Vice President of the ASE Group Dr. Gregory Sosnin, and Deputy Director of Nuclear Infrastructure Yulia Chernyakhovskaya.

El Dabaa Nuclear Power Plant is one of the biggest infrastructure projects backing various economic sectors, Voronkov said.

The plant is a key driver of sustainable development and a source for labor and comprehensive development across the country, he added.

As for sustainable development, Lion said that the project would achieve at least six of the UN Sustainable Development Goals seeing as that the plant has a low carbon footprint and provides electricity at reasonable prices.

It further creates around 3,000 job opportunities and more than 10,000 indirect jobs, Lion estimated.

Sosnin stated that El Dabaa plant would positively impact industrial development in Egypt and increase the GDP.

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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.