Egyptian government has agreed with the Russian side on the value of planned investments in the joint Russian-Egyptian-UAE Fund to reach US$500 million during the first phase of fund’s works which will start soon.
Speaking to Amwal Al Ghad Saturday, trade and industry minister Tarek Qabil asserted that the Egyptian government welcomes states of Eurasian Economic Union (EAEU) to join the fund.
In May 2015, Egypt has agreed with both Russian and Emirati sides to establish investment fund in which Abu Dhabi Investment Fund, Russian Direct Investment Fund (RFPI), NBE, and BM will contribute.
The Egyptian-Russian-Emirati fund is set to provide necessary funds for a number of projects notably those set to be implemented among the framework of developing Suez Canal region as well as touristic projects.
Minister Qabil noted that Egyptian government aims at starting executive steps of establishing Russian industrial zone in February 2017.The zone is set to be built on the space of 2 million meters in East Port Said.
Qabil has recently reviewed the general plan of the industrial zone with the Russian side as it would encompass a number of sectors and different industries notably equipments, heavy vehicles, and shipbuilding industry.
