Egypt, Russia sign three MoUs on cooperation

Kuwait News Agency, 02.02.2016

CAIRO, Feb 2 (KUNA) -- Egypt and Russia signed on Tuesday three memoranda of understanding on launching an industrial area in Egypt, joint investment and export of up to 50 civilian Sukhoi aircraft to Egypt.

A final agreement on the framework MoU regarding the planned industrial area will be signed later this year, the Egyptian Prime Minister Sherif Ismail's office said in a press release.

The industrial area will include auto assembly projects, and other factory for manufacturing agricultural, road-building and shipbuilding equipment, construction materials, pharmaceuticals, electronics, textiles, information technology products, and waste-recycling equipment.

The memo on joint investment was signed by the Russian Direct Investment Fund (RDIF), on one hand, and the National Bank of Egypt and Banque Misr, on the other, according to the statement.

Under the deal, the RDIF will encourage strategic investors from Russia and other countries to invest in, and transfer technology to, Egypt.

Egypt plans to use the first 10 Sukhois, to be delivered under the finance lease system before April, 2016, in domestic transport.

In the second stage of the deal Egypt will receive 20 Sukhois and could receive additional 20 aircraft for direct flights between the two countries in the future.

Commenting on the deals, Egyptian President Abdelfatah Al-Sisi said the friendly ties with Russia grew steadily in the recent years.

During his meeting with the Russian Minister of Trade and Industry Denis Manturov, he welcomed the outcomes of the tenth session of the joint commission on economic and commercial cooperation.

The documents, signed today, will pave the way for launching joint projects for export-oriented manufacturing, Presidential Spokesman Alaa Yousef quoted the president as saying.

On his part, Manturov stated Russia's desire to cement the mutually-beneficial cooperation with Egypt, noting that there are huge horizons of cooperation with Egypt which is Russia's strategic partner in the region.

Meanwhile, Egyptian Prime Minister Eng. Sherif Ismail said his country is looking forward to closer cooperation with Russia in all domains particularly economy, trade and investment.

He said, during his meeting with a Russian delegation led by Manturov, that his government works to create an investment-attractive atmosphere, noting that the Russian tourists started coming back to Egypt.