Russian Suez Industrial Zone Agreement 'Expected Next Week'

The heads of Russian and Egyptian trade ministries will agree to establish an industrial zone in the Suez Canal as part of an array of agreements to be signed next week, the Egyptian Ministry of Industry said Sunday.

CAIRO (Sputnik) – The Russia-Egypt intergovernmental committee is scheduled to meet on January 31-February 2.

"A number of protocols of understanding will be signed, the most important of which will be the signing of a protocol on the establishment of a Russian industrial zone in the Suez Canal area," the ministry said.

The Egyptian ministry said the Russian Direct Investment Fund (RDIF) would sign agreements with Egyptian banks to seek financing for future investment projects.

Members of 60 of the largest Russian companies interested in entering the Egyptian market are expected to accompany the Russian delegation.