Monday, 19 August 2019 10:23 GMT
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Egypt, Russia to create firm to run USD7b industrial zone




(MENAFN) Egypt and Russia secured a deal on the formation of a firm to run the Russian industrial zone east of Port Said which is planned to be established at a value of USD7 billion.

Russia, under the agreement, will be offering pledges for the anticipated company to operate the industrial zone, announced Egypt's Suez Canal Authority chairman Mohab Mamish.

The Suez Canal Economic Zone will be providing the land needed for the project to be set up, as Russia asked, the chairman noted.

The project, Mamish added, is most likely to create 35,000 job opportunities while it is being worked on.

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Egypt, Russia to create firm to run USD7b industrial zone

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