Egypt is likely to finalise contracts for its first nuclear power plant, which will have a 4,800-megawatt (MW) capacity, by the year-end, said a report.

Egypt had signed an agreement with Russia two years ago for funding the construction and operation of the plant, which will come up in Dabaa, a site in the north of the country, reported Emirati news agency Wam, citing the country's electricity minister Mohamed Shaker.

Official reports last year affirmed that the loan was worth $25 billion and would finance 85 per cent of the value of each work contract, services and equipment shipping. Egypt would fund the remaining 15 per cent, it added.