Egypt, Russia to sign MoU to establish industrial zone in Suez Gulf area

Ahram Online , Monday 25 Jan 2016

Sisi and Putin
Russian President Vladimir Putin, right, listens to Egyptian President Abdel Fattah El-Sisi during their meeting in the Kremlin in Moscow, Russia, Wednesday, Aug. 26, 2015 (AP)

A Russian delegation headed by minister of trade and industry is scheduled to meet Egyptian counterparts next week to sign number of MoUs between both countries, including a deal to build a Russian industrial zone in Egypt’s Suez Gulf area, Egyptian ministry of trade and industry stated on Sunday.

The Russian delegation will include representatives of 60 major companies.

The meeting marks  the 10th session of the Egypt-Russia intergovernmental economic committee.

The Russian Direct Investment Fund (RDIF) is also expected to agree with Egyptian banks to finance future projects to be carried out by private sector in the two states.

President Abdel Fattah El-Sisi has stressed that he "looks forward to taking the first steps towards a Russian industrial zone in the Suez Canal area."   

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