Several agreements were signed between Egypt and Russia on the construction of a joint industrial zone in Suez, Minister of Industry and Trade Tarek Qabil announced following the signing of the agreement.
The signing took place between Qabil and his Russian counterpart Denis Manturov.
“We are still studying what the projects will be and how they will be financed,” Qabil said.
The agreements also tackled future cooperation in pharmaceuticals and construction materials.
Another agreement will be signed for the importation of 10 aeroplanes, six of which will be used for internal transportation, Qabil said. He did not specify what the four other aeroplanes will be used for, but stated that they will be purchased by Russia and leased to Egypt.
The Egyptian and Russian ministers met with Egyptian President Abdel Fattah Al-Sisi for two and half hours, during which they discussed the future of projects between the two countries.
In May, Russia, the UAE and Egypt formed a joint investment fund. The fund is expected to financially support industrial projects between the three countries. The value of the fund is around $1.9bn. Egypt’s financial share in this fund is yet to be specified.
The fund finances will come from a number of Egyptian institutions, as well as the Russian Direct Investment Fund (RFPI) and the sovereign wealth fund of Abu Dhabi (Abu Dhabi Investment Authority) for the UAE.
A Russian delegation comprised of 60 companies and headed by Russian Minister of Trade and Industry Denis Manturov is currently visiting Egypt.
Manturov met with several ministers from the Egyptian cabinet’s economic committee, including Minister of Investment Ashraf Salman, Minister of Supply and Internal Trade Khaled Hanafy and Minister of Manpower and Immigration Gamal Sorour.
Manturov also met with Egyptian Minister of Defence Sedky Sobhy early on Tuesday to discuss possible military cooperation.