Russia to sign USD22bn new industrial zone deal with Egypt in June
A framework agreement that will set a timeline for the Russian Industrial Zone (RIZ) in East Port Said is set to be signed in June and will include 17 projects with total investment of USD22bn, First Deputy Minister of Industry and Trade, Gleb Nikitin, said. Priority industries for include car manufacturing, shipbuilding, metalworks, agricultural equipment manufacturing, and medical technology. The project will be executed in three phases, to be completed over 30 years with an independent management company. Two-thirds of the zone will be industrial, with the rest consisting of residential areas and amenities. Egyptian banks and other financial institutions are welcome to participate in the financing package for the zone, which has yet to reach financial close, Russian Export Center CEO Petr Fradkov said. Shahid Law Firm is advising the Russian delegation. A land plot has yet to be allocated.
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