Russia cancels Egypt's Suez canal industrial zone project

Posted on October 20, 2023   |  

The Russian government decided not to move forward with its plan to construct an industrial zone within Egypt's Suez Canal Economic Zone (SCZone).

This decision entails the cancellation of the government's support for the Russian industrial zone project in Egypt's SCZone, although the specific reasons for this cancellation have not been disclosed.

In 2018, Egypt and Russia agreed to establish this industrial zone to attract investments over a five-decade period.

The proposed industrial zone was intended to cover a substantial area of 5.25 million square meters and had the potential to draw approximately $7 billion in investments.