Bangladesh and Russia plan to work together to build the first nuclear power plant in the energy-starved South Asian country.

The Rooppur plant in Bangladesh's Pabna district will consist of two 1,000 megawatt nuclear reactors. The $2 billion project is set to be completed in 2018.

Under the deal, Russia will provide funding, fuel, and training for the facility. Russia will also take back any spent fuel from the nuclear plant.

Bangladesh's Science and Technology Minister Yeafesh Osman and the head of Russia's state-owned Rosatom, Sergei Kiriyenko, signed the agreement on Wednesday.

Kiriyenko told reporters that the plant will meet all modern safety requirements in light of the accident at Japan's Fukushima nuclear plant following an earthquake and tsunami earlier this year.

Bangladesh has long suffered from electricity shortages, and energy demands are expected to increase as its population continues to grow.