Egypt, Russia to ink SCZ agreement of $7 bln this month

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Egypt’s Suez Canal Authority said that final agreement to establish a new Russian industrial zone in Egypt will be signed on 23 May, with investments of around $7 billion, its chairman said Wednesday.

The region is currently focused on heavy industries such as buses and tractors, Mohab Mamish said in an interview with SkyNews Arabia.

As production is set to begin after a year and half or two years, distribution will be in both the Egyptian and African markets, Mamish noted.

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