Russia to start funding industrial zone construction in Egypt in 2022

Egypt - Russia will start financing construction of the industrial zone in Egypt and is considering the use of such format in other countries, First Deputy Minister of Industry and Trade Vasily Osmakov told TASS News agency.

"We will start funding construction of the Russian industrial zone in Egypt from the next year. We are thinking of replicating such experience in other countries, for example, in Uzbekistan," Osmakov said.

Industrial zone construction was initially intended for 2020, but the timeframe was shifted due to the coronavirus pandemic.

In 2018, Russia and Egypt concluded the intergovernmental agreement on the zone with the preferential tax treatment in Egypt.

It is planned that resident companies will be able to launch production as early as in 2022.