The Russian industrial zone that will be developed in Port Said is expected to draw in about USD 7 bn in new investments during its three construction phases, a Russian Industry Ministry official tells Sputnik’s Arabic service. Of the total, USD 6 bn will be provided by investors in the zone, while the company managing the project will inject around USD 500 mn, the source says. The project will take about 13 years to complete and reports had suggested earlier that ground could break on the new zone by December 2018. Cairo and Moscow could sign the agreement for the industrial zone in September, Russia’s Deputy Industry and Trade Minister Georgy Kalamanov had said last month.

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