19 companies willing to operate in Russian Industrial Zone in Egypt: Lavrov

CAIRO – 24 June 2019: Russian Foreign Minister Sergey Lavrov said that 19 Russian companies are willing to participate in the Russian Industrial Zone in Egypt, which was approved in February, adding that this number is expected to increase.

During a joint press conference on Monday with Egyptian Foreign Minister Sameh Shoukry in Moscow, Lavrov said that Russian railway and oil companies have been operating in Egypt.

He also noted that he discussed with Shoukry the preparations for the first Russian-African summit which will be held in Russia's Sochi in October.

Egyptian President Abdel Fatah Al Sisi earlier issued decree No. 420 of 2018 approving an agreement between the governments of Egypt and Russia concerning the establishment and operation of the Russian Industrial Zone in the Suez Canal Economic Zone in Egypt, which was signed in Moscow on May 23, 2018.

Since February 2015, Egypt and Russia have been negotiating $7 billion worth of Russian investments in the Russian Industrial Zone (RIZ) project in the East Port Said region.

RIZ would be established on an area of 5.25 million square meters and will be built over three phases, according to a statement issued by the Suez Canal Economic Zone.

Establishing Russian Industrial Zone in Egypt comes into force

CAIRO – 1 February 2019: President Abdel Fatah Al Sisi issued decree No. 420 of 2018 approving an agreement between the governments of Egypt and Russia.

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Additional reporting by Hanan Mohamed