The Egyptian-Russian joint committee for trade, economic, scientific, and technical cooperation met in Cairo at the end of January to continue negotiations about upcoming infrastructure projects in the energy and other sectors, Egypt Independent informed.
Cairo and Moscow are expected to sign a Memorandum of Understanding (MoU) to build a Russian industrial zone in Suez. Another MoU is to be signed between the Russian direct investment fund and several Egyptian commercial banks establishing an Egyptian investment fund worth $5b. The fund will be used to finance metro, railway, logistic center, and tourist complex projects. Representatives of 60 major Russian companies working in the Egyptian energy and transportation sectors attended the meeting.