Russia, Egypt sign cooperation deals, agreement on NPP construction

ITAR-TASS, 09.02.2015

POLITICS: PRESIDENT-RUSSIA-EGYPT-DOCUMENTS

Russia, Egypt sign cooperation deals, agreement on NPP construction

CAIRO, February 10. /TASS/. Russia and Egypt signed bilateral cooperation agreements on Tuesday, including a deal in nuclear power engineering.

The signing ceremony was held in the presence of Russian President Vladimir Putin and his Egyptian counterpart Abdel Fattah el-Sisi.

Specifically, Russian state-owned civilian nuclear corporation Rosatom head Sergei Kiriyenko and Egyptian Minister of Electricity and Renewable Energy Mohamed Shaker signed an agreement on developing a project for the construction of a nuclear power plant in Egypt.

Russian Economy Minister Alexei Ulyukayev and Egyptian Investment Minister Ashraf Salman signed a memorandum of mutual understanding on investment attraction and participation in the construction of facilities in Egypt.

Russian Direct Investment Fund Head Kirill Dmitriev and Egyptian Investment Minister Ashraf Salman signed a memorandum of understanding on developing investment cooperation.

Under the agreement, the Russian Direct Investment Fund will support the Egyptian Investment Ministry at all the stages of creating Egypt’s investment fund. Russia and Egypt will jointly work on the fund’s establishment, its governance structure, investment strategy and the implementation of the co-investment model.

The Russian Direct Investment Fund will also help attract other international investors to the fund’s work, using its own experience of creating country partnerships with the world’s leading sovereign funds.

"Egypt is a country with large investment potential in a whole number of sectors and one of Russia’s key economic partners in the Middle East," Dmitriev said.

"I’m confident that the structure that will be established will become an effective instrument for attracting investment to the republic and will contribute to closer investment cooperation between our countries," he said.