Russian deal cleared

1 February 1998

The government’s Atomic Energy Department has accepted a Russian-brokered compromise formula involving credits of $2.5 billion for construction of two VVER-1000s. The intergovernment commission on trade and economic cooperation, which met for the fourth time in December in New Delhi, has now removed the last obstacles to the start of the project. The final document will be signed during the state visit to India by President Yeltsin early in 1998.

According to the agreed formula, some 25% of the credit will be repaid in the form of Indian goods, but the rest will be paid in US dollars. Russia will finance 85% of the cost to total over $3 billion.

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