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Multinat'l investment fund to be launched in Egypt

CAIRO, May 25 (KUNA) -- Egyptian Minister of Commerce, Industry and SMEs Munir Fakhri Abulnour said Monday Egypt has launched a new investment fund in collaboration with Russia and the UAE to finance industrial and service projects.
The fund will be financed by the Russian Direct Investment Fund (RDIF), Abu Dhabi Investment Authority (ADIA) and a group of Egyptian banks and investors, he said.
The minister made the comments at a joint press conference with Russian Minister of Industry and Trade Denis V. Manturov ahead of the Russian-Egyptian business council session.
On his part, Manturov said Russia and Egypt signed a range of agreements on investment in several areas particularly the agricultural one which is of great importance for both sides.
Russia is the largest exporters of wheat imports to Egypt with exports amounting to four million tons a year, he said.
The two countries are in talks on mega projects in the heavy and light industries as well as energy, water desalination and waste recycling, he pointed out.
Manturov noted that the sovereign fund, to be launched jointly with the UAE and China, will mark a new starting point in the Egyptian-Russian relations.
Manturov leads a large business delegation to the joint business council session made up of 55 government officials and representatives of 200 companies. (end) esm.gb