Russia to start financing industrial zone construction in Egypt from 2022

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 said, Arab Finance reports citing 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.
Russia agreed with Egypt in 2018 to set up an industrial zone with the preferential tax treatment in the Arab country.
Industrial zone construction was initially intended for 2020, but the timeframe was shifted due to the coronavirus pandemic, Arab Finance notes. Resident companies are expected to launch production as early as in 2022.