Three Russian - Egyptian projects worth 800 million pounds agreed upon

Egyptian and Russian businessmen agreed to implement three major joint projects at a total cost of 800 million pounds.

Egyptian businessmen Ibrahim Kamel, who has great experience in the Russian market told ArabicNews.com yesterday that the three companies comprise an agricultural products company worth 150 million pounds, an industrial products company worth 150 million pounds and a company for transporting cargo by sea worth 500 million pounds instead of relying on the Israeli commerical fleet, which owns organized lines between the Middle East and the former Soviet Union states.

Kamal also added that a joint bank for financing trade operations between the two countries will be also established.