Joint Egyptian - Iranian projects

A group of Egyptian businessmen started establishing five sugar factories in Iran in return for nearly $200 million Egyptian debts for Iran , the largest part of which were settled.

Akbar Kasemy, head of the Iranian interests bureau in Cairo, told ArabicNews.com that the Iranian private sector will establish a joint factory for cement in Beni Suwaif city in upper Egypt with a production of 1.3 million tons annually to which the Iranian side will contribute $113 million dollars-- half of the project's cost-- adding that there is an agreement for importing spare parts for cares, tractors and Iranian buses to Egypt at a value of $500 million.

Kasemy said the lack of full diplomatic relations between the two countries does not prevent diplomatic communications between the Iranian and the Egyptian foreign ministers periodically to exchange opinions concerning regional and international issues of joint concern.