Russian goverment approves loan of up to $14 billion for Hungarian NPP project

The Russian government has approved a loan of up to 10 billion euro ($13.9 billion) to complete the Paks nuclear power plant in Hungary.

The Russian government has approved a loan of up to 10 billion euro ($13.9 billion) to complete the Paks nuclear power plant in Hungary.

Russian Prime Minister Dmitry Medvedev signed an order on the loan on March 10. The order is posted on the government's legal information website.

The credit is being allocated to build and commission the fifth and sixth generating units at Paks and will be available in the period 2014-2025.

The Russian Finance Ministry, together with the Foreign Ministry, Economic Development Ministry, Rosatom corporation and Vnesheconombank (VEB), will negotiate with Hungary and, when an agreement is reached, sign an agreement on the loan on the government's behalf.

Russia and Hungary signed a cooperation agreement on the peaceful use of nuclear power on January 14.

The agreement is for the construction of the two Paks units with 1,000-1,200 MW capacity, and also stipulates fuel supplies and post-construction service.

Currently, the Soviet-designed Paks NPP has four power units with VVER-type (pressurized water) reactors operating at a total capacity of around 2,000 megawatts.

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