Egypt seeking large-scale investment from Russia – official | Daily Sun |

According to the Egyptian General Authority for Investment and Free Zones (GAFI), Cairo is putting effort into enticing greater Russian investments and fostering collaborative initiatives. The governmental organization aims to ease the inflow of foreign investments into the North African nation.

During a recent press conference, Hossam Heiba, the CEO of GAFI, revealed that Russia has a significant presence in various investments in Egypt. They have made substantial investments in sectors like food, oil, and engineering.

During the Russia-Africa Summit in July, Russian President Vladimir Putin emphasized the strategic nature of the ties with Egypt. He highlighted the presence of multiple significant collaborative initiatives between the two nations.

One example of this enterprise is the initial nuclear power station in Egypt located in El Dabaa. This project is currently being built and managed by the Russian state energy company, Rosatom. The power station is planned to have four units utilizing Russia's VVER technology. Each unit will have a power capacity of 1,200 MW and will be equipped with third-generation VVER-1200 reactors, which are considered the most cutting-edge technology at present. Egypt envisions that the power station will be fully operational by 2030.

The two parties are also collaborating on creating a Russian industrial sector in the vicinity of the Suez Canal. In the coming days, Egypt might enter into a free trade pact with the Eurasian Economic Union (EEU), led by Russia. This potential agreement holds the potential to enhance trade diversification, as stated by Russian Deputy Prime Minister Denis Manturov.