The Egyptian-Russian joint committee for trade, economic, scientific and technical cooperation started its 10th meeting in Cairo on Sunday under the auspices of Trade and Industry Minister Tarek Qabil and his Russian counterpart Denis Manturov.
Representatives from approximately 60 major Russian companies working on infrastructure projects in the energy, equipment and transportation sectors in Egypt were in attendance.
The two sides are expected to sign a memorandum of understanding to build a Russian industrial zone in the Suez gulf, according to Russian news agency Tass.
It is also expected that they will sign a memorandum between the Russian direct investment fund and several Egyptian commercial banks as part of a project that targets establishing an Egyptian investment fund worth US$5 billion, with participation from the Emirates and the Russian direct investment fund. The fund will be used to finance metro, railway, logistic center and tourist complex projects.
Edited translation from MENA
