Joint Russian-Egyptian commission kicks off its work in Cairo

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Monday 01 Feb 2016 - 21:08 Makkah mean time-22-4-1437 Cairo (IINA) – The joint Russian-Egyptian Commission on Trade, Economic, Scientific and Technical Cooperation kicked off its work in Cairo on Sunday and will last until Tuesday, Russian News Agency TASS reported. Representatives of about 60 Russian largest companies interested in the implementation of infrastructure projects in the energy sector, supply of machinery and equipment and transport in Egypt are taking part in the two-day event. The two sides are expected to sign a memorandum of understanding (MoU) on the establishment of the Russian industrial zone in the area of the Gulf of Suez. They are also expected to sign a memorandum between the Russian Direct Investment Fund (RDIF) and a number of Egyptian commercial banks as part of the project to set up the $5-billion investment fund of Egypt with the participation of the RDIF and the United Arab Emirates. It is planned to use the fund’s investment during the construction of the subway, railways, a logistics center and a tourist complex. Moreover, the RDIF is interested in investing, together with UAE partners, in the construction of grain elevators in Egypt. The Fund’s CEO Kirill Dmitriev earlier said that "currently grain losses in Egypt made up 30%, so the issue was relevant", adding that it would enable the agricultural sector to be much more effective. RDIF is also interested in transportation projects, which will help localize Russia’s car production in Egypt. An agreement on establishing the Russian industrial zone in Egypt to implement the project of New Suez Canal and introducing a simplified regime for access of Egyptian goods to the Russian markets was reached in August 2014 during the talks between Russian President Vladimir Putin and his Egyptian counterpart Abdel Fattah el-Sisi in the Black Sea resort of Sochi. In particular, it is planned to create the logistics infrastructure for grain storage, taking into account the fact that Egypt is the largest wheat importer. AB/IINA