Russia’s MetProm to invest €210mn in Egypt

MetProm Group, one of the major engineering companies of metallurgical sector in Russia, seeks to establish two new projects worth €210 million (239.6 million) in Egypt, Egyptian trade minister said on Wednesday.

The first project includes establishing  a rolling mill to produce rebar and wires in the Russian industrial zone in Egypt with production capacity of 150,000 tonnes annualy and investments worth € 60 million.

While, the second project includes renovating Helwan Iron and steel complex.

The complex renovation process will take place over five phases comprising refurbishments, replacements and renovations process that will result into increasing the production capacity to 500,000 tonnes annually with  investments of  €150 million, Nassar added.

Nassar noting the possibility of benefiting from the company’s extensive expertise in the field of metal industries, especially  engineering construction and supply of machinery and equipment iron and steel production, construction, project management.

He further noted that the company’s keenness to work in Egypt reflects the Russian private sector’s trust in the Egyptian market as a promising investment market in Africa.

For his part, Chairman of the Russian Group Metprom, Stel Lomachenko, pointed out his group’s eagerness to expand in the Egyptian market during this period in light of the current investment climate and huge investment opportunities, especially in the Suez Canal economic zone and the Russian Zone in particular.

Founded in 1992, Metprom has 15 subsidiaries and 50 huge companies, where 25 projects are held in Russia, while other projects are in Belarus, Uzbekistan, Kazakhstan, Iran Cuba, India and China.