Egypt studies Russian road, infrastructure investments: Supply minister

(MENAFN- Daily News Egypt) Russian investors are looking to invest in Egypt's infrastructure and road projects, announced Egyptian Minister of Supply and Internal Trade Khaled Hanafy during the Egyptian-Russian Business Forum in Cairo, Tuesday.

Hanafy said his ministry is currently studying developing six ports in the Suez Canal Axis Development project, in cooperation with Russia.

Minister of Transport Hany Dahi also noted during the conference that he is considering developing railways in cooperation with Russia.

A delegation of 120 companies from Russia is currently visiting Egypt, headed by Russia's Minister of Industry Denis Manturov.

"This visit affirms the strength of economic relations between the Russian and Egyptian sides, following the instructions of Egyptian President Abdel Fattah Al-Sisi and Russian President Vladimir Putin," said Egyptian Minister of Industry and Foreign Trade Mounir Fakhry Abdel Nour.

On Monday, when the conference kicked off, Abdel Nour announced the formation of an investment fund through "Russian-Emirati cooperation", to fund investment projects in the industrial and service sectors.

"Contributors to the fund will be from Russian and Abu Dhabi investment funds, Egyptian banks and Egyptian investors," he said.

During the two-day conference, Russian government officials and executives of leading Russian companies outlined the nature of the Russian market, highlighting investment opportunities and inviting the Egyptian investors to pump their capital in Moscow.