Egypt’s trade minister flies to UAE to launch Russian-Egyptian-Emirati fund

Egyptian trade minister Tarek Qabil headed Thursday to Emirati capital Abu Dhabi to attend the trilateral meeting between Egypt, Russia, and UAE about activating the joint investment fund.

The Egyptian-Russian-Emirati fund includes a number of organisations, financing funds in addition to international and Arab banks. It aims at executing a number of projects in Egypt within the upcoming period.

The chairmen of the National Bank of Egypt (NBE) and Banque Misr (BM) are set to accompany the minister to agree on the fund’s activities and its capital.

In May 2015, Egypt has agreed with both Russian and Emirati sides to establish investment fund in which Abu Dhabi Investment Fund, Russian Direct Investment Fund (RFPI), NBE, and BM will contribute.

The Egyptian-Russian-Emirati fund is set to provide necessary funds for a number of projects notably those set to be implemented among the framework of developing Suez Canal region as well as touristic projects.