Egypt has not Requested Loan from Russia

Egypt has denied that it requested a loan from Russia during President Mohamed Morsi's recent visit to that country, according to a press statement issued on Monday.

In a briefing on the recent two-day visit to Russia, Trade and Industry Minister Hatem Saleh categorically denied reports that Morsi had discussed potential financial assistance with Russian counterpart Vladimir Putin.

On 22/4/2013, Russian presidential aide Yuri Ushakov announced that Morsi had requested a large loan during his meeting with Putin. "We're not talking about a small amount here," Ushakov had said, declining to provide further information.

Following the two presidents' meeting in the Black Sea resort city of Sochi, Saleh himself told reporters that the two countries had failed to agree on the terms of a proposed loan, which one Moscow-based source had previously put at $2 billion.

The trade minister did, however, state that Russia had agreed to provide research assistance for the establishment of nuclear power plants in Egypt's northern Marsa Matrouh governorate and development of an existing nuclear reactor at Anshas in Egypt's Nile Delta.

Since the proposed site in Marsa Matrouh was appropriated for the project in 1981, the launch of an Egyptian nuclear energy programme has stalled repeatedly due to safety concerns and political considerations.