Russia's Trade Minister Denis Manturoc announced that Egyptian President Abdel Fattah al-Sisi had allocated Moscow an 80 hectare area in Port Said that could later be expanded to an industrial zone covering approximately 20 sq km.
The construction is set to start next year.
The new industrial zone is expected to provide 77,000 jobs, with $4.6 billion expected to be invested in the construction of the area by 2035.
Russian firms are set to design and construct the facility and will be allocated tax breaks.
Agencies
28 November