Siluanov proposed to Finance nuclear power plants in Egypt by NWF

First Deputy Prime Minister Anton Siluanov proposed to invest the national welfare Fund in the construction of nuclear power plants in Egypt. In the framework of the project Russia plans to grant Egypt a loan of $25 billion until 2028

Photo: Amr Abdallah Dalsh / Reuters

The Finance Ministry proposes to Finance the construction of a nuclear power plant in Egypt, agreed upon by Moscow and Cairo, at the expense of the national welfare Fund (NWF). By law, it will be possible once the volume of free funds of the NWF will exceed 7% of GDP. The journalists said the first Deputy Prime Minister — Minister of Finance Anton Siluanov.

The total amount of the NWF at the end of the current year will amount to 3.8 trillion rubles, and the free reserves (the currency, not associated with existing investments and deposited in the Central Bank) and 2.2 trillion rubles At the beginning of 2019 in the Fund will be credited with the currency accumulated from purchases of the Ministry of Finance on fiscal rule on oil and gas windfall. As a result, in the end of 2019, NWF will reach almost 8 trillion and excluding funds already placed in assets of 6.4 trillion rubles. Thus, the government will approach the NWF in the amount of 7% of GDP: after reaching this level of power have the right to direct money from the Fund for investment, said Siluanov.

“This is important because we have large volumes of providing [foreign] credits in subsequent years”, — said Siluanov. He recalled the project of nuclear power plants in Egypt, under which Russia will provide the Republic loan of $25 billion until 2028 (in the building will participate in “Rosatom”). In this regard, the President considers it appropriate to use part of the funds of the NWF. According to him, the government this question is not discussed.

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