In the wake of the summit between Russian President Vladimir Putin and Egyptian President Abdel Fattah el-Sisi, Russian-Egyptian cooperation is expanding rapidly. Egypt's Minister of Commerce, Industry and Small and Medium Enterprises, Mounir Fakhry Abdel Nour, will lead an Egyptian business delegation on a visit to Russia on Sept. 10, including food commodities makers and agricultural crop producers. Expanding trade in food products was a major point of discussion when the two presidents met earlier this month.

According to the Cairo Post, for the first time, Russian authorities accorded Egypt approval to establish a community in Moscow, whose members elected journalist Mazen Abbas as the chairman and formed a board of directors. "The Egyptian Association," now officially approved by the Russian Ministry of Justice to look into the affairs of the Egyptian community living in Russia, will start by establishing a fund to provide financial assistance to Egyptians in emergency cases, Abbas told Youm7 on Aug. 18. The association was created on Aug. 15, following the Egyptian President's visit to Russia.

There is now discussion in the media on possible Russian support for Egypt's four nuclear power stations, which was suggested by nuclear affairs advisor of the Egyptian Nuclear Power Plants Authority Ibrahim el-Osery in an interview with the Cairo Post. Osery said that Russian President Vladimir Putin had expressed readiness to cooperate, at the joint press conference with President el-Sisi on Aug. 12 in Moscow. Putin said both countries agreed to cooperate on peaceful nuclear energy.

"The President [el-Sisi] told us the visit would tackle topics among which [is] the nuclear field.... I hope the President reached an agreement to start the project," Osery said, adding that the proposed plant would provide between 900 and 1600 megawatts of electricity. Osery reminded his interviewer that in el-Sisi's June 8 inauguration speech, he had vowed that the Dabaa nuclear project would be revived during his term. "We will work on two axes: establishing Suez Canal Development project and building Dabaa nuclear plant; besides a project of solar energy," el-Sisi had said.

Osery said a deal with Russia with a non-tender contract would save time, at least a year. The Power Plants Authority is also ready to offer an international tender. Osery, also a former chief inspector with the International Atomic Energy Agency, said the tender terms would include providing training courses for the staff, and that foreign financing would constitute 85% of the project cost, which could be as much as $4 billion. The project may take two years to build.

"The reactor will operate with pressurized light water, which is used in many reactors all over the world as it would be available anytime for us," Osery said. He added that representatives of six countries have visited Egypt to offer their tenders: South Korea, Russia, United States, France, China and Japan.

Egypt's Grand Imam Calls on Egyptians To Support New Suez Canal Project

During a visit to the New Suez Canal construction site on Aug. 17, Al-Azhar Grand Imam Sheikh Ahmed El-Tayyeb, Egpyt's highest Islamic religious authority, urged all Egyptians to support the project, because it is a challenge that would show the strength, steadfastness, and will of the Egyptians.

He was received at the site by chairman of the Suez Canal Authority, Mohab Mamish, and watched a documentary on the history of the canal up to the point the New Suez Canal project was initiated. Tayyeb met workers at the project and encouraged them to exert their utmost effort for the development of their country. He called on the Minister of Education to make the history of the Suez Canal a part of the curriculum.

Meanwhile, Finance Minister Hany Kadry Demian said there will be no limit on the amount of investment or debt certificates that individuals and corporations can buy in the New Suez Canal development project. Only Egyptians can buy debt certificates. The certificates, which will have a maturity of five years at a 12% yield to be disbursed quarterly to owners, will be issued starting Aug. 24 by three state-owned banks on behalf of the Suez Canal Authority, Investment Minister Ashraf Salman told the Aswat Masriya news website. Interest on the investment certificates will be paid by the canal authority from its revenues.

The decision to offer debt certificates to finance the Suez Canal expansion was intended to ensure state ownership of the waterway, Tawfik Securities Brokerage trading head and capital market expert Mohamed Gaballah told the Cairo Post. "This is a good solution, in my opinion, to maintain the canal's property for the Egyptian state."

Dr. Ghada Ibrahim, financial analyst at Capital Securities Brokerage, said the investment certificate is the best tool to provide the needed funds for such a mega-project without putting national security at risk. "Financing through the stock market was an inappropriate means at this time," he siad, "as foreign capital was likely to try and enter the market under local names or institutions to control stock performance."

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