Egypt receives letter of guarantee for Russian Industrial Zone

Egypt receives letter of guarantee for Russian Industrial Zone: Egypt has received the letter of guarantee from Russia’s Trade and Industry Ministry for the implementation of the USD 7 bn Russian Industrial Zone (RIZ) in the Suez Canal Economic Zone (SCZone), deputy SCZone head Mohamed Baraya said on Thursday. An Egyptian-Russian company will be set up in April to operate and manage the planned RIZ, which spans 5.25 sqkm and will be implemented over three phases in 13 years.