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13 Aug, 2023 11:04

Egypt seeking large-scale investment from Russia – official

Bilateral cooperation is booming despite Western sanctions on Moscow
Egypt seeking large-scale investment from Russia – official

Cairo is working to attract more Russian investment and promote joint projects, according to the Egyptian General Authority for Investment and Free Zones (GAFI). The government body wants to facilitate foreign investment flows into the North African country.

“Russia is present in many investments in Egypt. They invest in a number of industries, such as food, oil, and engineering,” GAFI chief executive Hossam Heiba told RIA Novosti during a press conference this week.

Moscow and Cairo have been ramping up economic cooperation and saw trade turnover jump to over $6 billion in 2022, marking a 30% increase on the previous year.

Russian President Vladimir Putin said during the Russia-Africa Summit in July that relations with Egypt are strategic in nature, noting that the two countries have numerous large-scale joint projects.

One such venture is Egypt’s first nuclear power plant at El Dabaa, which is currently under construction and is run by Russian state energy major Rosatom. The plant will consist of four units using Russia’s VVER technology, each with a capacity of 1,200 MW and equipped with generation III+ VVER-1200 reactors, the most advanced technology currently available. Egypt expects the facility to be operating at full capacity by 2030.

The two sides are also working on the establishment of a Russian industrial zone in the Suez Canal area. Egypt could sign a free trade agreement with the Russia-led Eurasian Economic Union (EEU) in the near future, which could contribute to further diversification in trade, Russian Deputy Prime Minister Denis Manturov recently said.

For more stories on economy & finance visit RT's business section

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