Russia cancels massive industrial zone project in Egypt

“To cancel the decree of the government of the Russian Federation…on state support for the creation and provision of conditions for the operation of the Russian industrial zone in the Suez Canal Economic Zone of the Arab Republic of Egypt,” the document said.

The Russian government has not yet released the reasons for its decision.

The industrial zone agreement was initially signed between Egypt and Russia in 2018 to attract investments over the next 50 years. 

The zone was to be built on a total area of 5.25 million square metres and was expected to attract $7 billion in investments. 

In 2021, Egypt and Russia agreed to expand the zone.