A number of Russian companies are planning to invest a total of USD 4.6 billion to create an industrial zone near Egypt’s Suez Canal, RT reported. Russia is set to establish the industrial zone in a two million square meter area in East Port Said, with construction expected to begin in 2018. The zone will bring together Russian companies such as Kamaz, GAZ, UAZ, Transmashholding, Gazprom Neft and Inter RAO, among others. RT also reported that the design and construction of industrial facilities, as well as the production of various types of equipment, will be carried out by Russian companies. According to the Russian Trade Ministry, the planned zone will create as many as 77,000 jobs, “while the resident companies can expect revenues to reach $11.6 billion.” Russia and Egypt have cooperated on a number of economic projects during recent years, including a USD 25 billion loan agreement to finance the construction of a highly anticipated nuclear power plant in Egypt’s north. In 2014, Russian president Vladimir Putin and Egypt’s Abdel Fattah al-Sisi agreed to create a Russian industrial zone in Egypt as part of the implementation of the New…
Russian Companies to Invest $4.6 Billion to Create Industrial Zone in Egypt
July 14, 2016
