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$20 billion to be invested in Russian industrial zone in Egypt

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$20 billion to be invested in Russian industrial zone in Egypt

About $20 billion is planned to be invested in construction and development of Russian industrial zone in Egypt over the course of 30 years.

This announcement was made on Wednesday by a director general of “Moskva” technological center, Igor Ishchenko, at a presentation of this grandiose Russian project in Cairo.

In his opinion, this project will attract private investors in the field of logistics, as well as in other areas.

A 2m sqkm industrial zone, located in East Port Said, will be established at the expense of private investments.

Factories, housing and recreation zones are planned to be built there. As a result of this development, some 25,000 new jobs are expected to be created for local residents of Egypt.

Investors will be granted guarantees and soft loans.

As a reference, the city of Port Said is situated in northeastern Egypt along the coast of the Mediterranean Sea, north of the Suez Canal.

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