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Egypt and Russia sign economic and military agreements

February 3, 2016 at 1:06 pm

Egypt and Russia have signed a number of economic and military memorandums of understanding. Prime Minister Sherif Ismail signed the agreements with Minister of Trade and Industry Denis Manturov during a visit to Cairo by a Russian delegation.

A number of joint projects were on the agenda for the discussions, including the provision of four civilian aircraft by Sukhoi and 700 railway carriages to be supplied by Russia. A Russian industrial zone is also set to be established in Egypt.

“The prime minister stated that there are many opportunities and projects which Egypt looks forward to participating in with the Russians,” said Hossam Al-Qawish, a spokesman for the government in Cairo. “Such projects include Russia’s contribution to developing and updating the factories established during the Soviet Union era, including the Helwan Iron and Steel Company and the Naja Hamadi Aluminium Complex.”

Egypt looks forward to Russian companies investing in oil and gas discovery, added Al-Qawish, either in the Mediterranean Sea or the Nile Delta, as well as providing funding for the projects in the proposed industrial zone.