The Russian Ministry of Industry and Trade announced on Thursday that nearly $95 million from the Russian budget will be allocated to support the Russian Industrial Zone in Egypt until 2026.
In a statement, the Russian Ministry of Industry and Trade emphasized that Moscow’s support for the Russian Industrial Zone in Egypt will continue, and the decision to cancel it by the Russian cabinet was of a technical nature.
Negotiations between Egypt and Russia regarding the establishment of the Russian Industrial Zone began after a meeting between Russian President Vladimir Putin and Egyptian President Abdel Fattah al-Sisi in Sochi in 2014.
In August 2017, actual negotiations began for the creation of the economic zone in the Suez Canal.
The project to establish the Russian Industrial Zone aims to create branches of Russian automotive, petrochemical, energy, pharmaceutical, and heavy construction companies in Egypt.
The zone is seen as a launching pad for expanding Russian business operations in Egypt, the Middle East, and Africa.
