Russia's President Vladimir Putin (L) and his Egyptian counterpart Abdel Fattah al-Sisi attend a welcoming ceremony onboard guided missile cruiser Moskva at the Black Sea port of Sochi, August 12, 2014 (Photo: REUTERS)
Egyptian President Abdel-Fattah El-Sisi returned to Cairo Wednesday afternoon after a two-day visit to Russia where he met with Russian President Vladimir Putin.
During the two-day visit the leaders discussed the latest political developments in the political region, especially in Syria, Iraq and Gaza, as well as bilateral relations between Egypt and Russia.
It was announced during the visit that Russia will invest in an industrial area in Egypt's new Suez Canal project, a plan to build a parallel canal beside the vital waterway. A new free trade zone between Egypt, Russia, Kazakhstan and Belarus was also discussed during the visit.
El-Sisi and Putin also agreed to continue technical military cooperation between the two countries. According to AFP, Moscow's Vedemosti Business Daily reported that Russia and Egypt are now nearing a LE21 billion ($3 billion) weapons agreement that will be financed by Saudi Arabia and the United Arab Emirates.
The two presidents also announced that there will be increase in Russian wheat exports to Egypt.