CAIRO: A Russian-established Common Fund for Investments in the Middle East will finance Russian projects in Egypt, said Egyptian Ministry of Transportation in a statement Monday.
The Fund has been joined by partners from United Arab Emirates, Kuwait, and China, the statement added.
Saudi Arabia could be a financing member in the fund, Egypt’s Minister of Transportation Hani Dhahy told CBC channel Monday evening.
“The Fund will finance a number of mega projects in Egypt, including an express train connecting the Suez Canal Axis and other governorates, besides establishing inland ports,” the minister said.
A 300-businessman delegation headed by the Russian Minister of Trade and Industries Denis Manturov has visited Cairo to discuss a number of Russian projects in Cairo in various sectors.
The delegation’s 2-day visit aims to activate initial agreements reached between President Abdel Fatah al-Sisi and his Russian counterpart Vladimir Putin in February 2015. Both leaders agreed to establish a Russian industrial zone at the New Suez Canal.
“Our talks will focus on developing railway trains [….] we are also interested in developing an iron and steel factory in Egypt,” said Manturov Monday during a meeting of Egyptian-Russian Business Forum.
In the aircraft industry, Egypt considers buying Russian Sukhoi civilian aircrafts to be added to Egypt Air’s fleet, Egyptian Minister of Aviation Houssam Kamal told Russian news agency Ria Novosti Monday.
Militarily, Cairo has agreed to buy 46 MiG-35 jet fighters, Russian newspaper Vedomosti reported Monday. The $2 billion deal would be signed soon, the newspaper said.
In February, The CEO of Russian Aircraft Corporation MiG said the company is ready to provide Egypt with MiG-35 jet fighters upon request.
Manturov will meet President Abdel Fatah al-Sisi Tuesday in the Presidential Palace of Ittihadiya, said the Egyptian Presidential spokesperson Alaa Youssef in a statement.