Italian bikers collect humanitarian aid for children of DonbassSociety & Culture September 22, 11:21
At least 1,000 buildings in Russia targeted by hoax bomb threats over weekSociety & Culture September 22, 10:38
Lavrov and UN chief clarify Russia’s initiative on security mission to DonbassRussian Politics & Diplomacy September 22, 10:05
Russia's top diplomat urges UN to assist in building fair and democratic worldRussian Politics & Diplomacy September 22, 8:53
Diplomat notes shift in attitude towards Russia's proposals at UN General AssemblyRussian Politics & Diplomacy September 22, 8:05
Kim Jong Un compares Trump’s speech to declaration of war, vows tough responseWorld September 22, 7:20
Washington accuses Russia and Syria of civilian casualties in airstrikes on Idlib, HamaWorld September 22, 7:17
US move to quit Iran nuclear deal to send wrong signal to North Korea — Russia’s UN envoyWorld September 22, 6:39
Moscow welcomes reform of UN’s anti-terrorism activities — LavrovRussian Politics & Diplomacy September 22, 3:53
CAIRO, January 24. /TASS/. Russia and Egypt will sign a memorandum of understanding on the establishment of a Russian industrial zone in the area of the Suez Canal during a regular session of the intergovernmental commission due to be held on January 31-February 2 in Cairo, well-informed sources in Cairo told TASS on Sunday.
The Russian delegation will be led by Minister of Industry and Trade Denis Manturov. It will include representatives from some 60 leading Russian companies interested in energy and transport infrastructure projects in Egypt.
Apart from that, the Russian Direct Investment Fund is expected to sign a memorandum with a number of Egyptian commercial banks under the project for the establishment of Egypt’s five-billion-U.S. dollar investment fund with participation of the Russian Direct Investment Fund and the United Arab Emirates. The would-be fund is expected to invest in the construction of subways, a railway line, a logistics center and a tourist hub.
Apart from that, the Russian Direct Investment Fund is interested in co-investment with UAE partners of a project for the construction of grain elevators in Egypt. The Fund’s CEO, Kirill Dmitriyev, said earlier Egypt was losing about 30% of grain. "That is why the subject of grain elevators is very topical. It will help the agrarian sector to be more efficient," he said, adding that the Fund was interested in transport projects to localize Russian car production in Egypt.
Presidents Vladimir Putin of Russia and Abdel Fattah al-Sisi of Egypt agreed in Sochi in August 2014 on the establishment of a Russian industrial zone in Egypt to implement the New Suez Canal project and on a simplified procedure for Egyptian-made goods on the Russian market. According to expert estimates, this component of the New Suez Canal project and possible signing a free trade zone between Egypt and the Customs Union will make it possible to increase national incomes by five to eight percent and will help promote Egyptian goods on the global market. The implementation of these projects will make it possible to create thousands of new jobs to help Egypt cope with unemployment.