Egypt, Japan to set up $100 million pharmaceuticals plant

"The Egyptian and Japanese government agreed to set up a pharmaceuticals plant at a cost of $ 100 million in the 6th of October City.

The new plant will produce insulin and antitumors drugs," said Chairman of the Egyptian Holding Company for Vaccines and Biological Products Mohammed Al-Abady.

He added that the Japanese side will afford $ 70 million out of the total cost, and some international firms will contribute by their experiences and raw materials.

This plant is the first of its kind in Egypt and the sixth in the world.