$200 million from Iran for investment projects in Egypt

Iran is currently studying contributing to establishing many joint investment projects in Egypt in the fields of industry, services, transportation and basic infrastructure with investments of $200 million.

The final agreement on these projects and discussions of economic cooperation between the two countries will take place during coming month, as it has been decided that a high-ranking Iranian economic delegation including representatives of the Iranian Company for Foreign Investment is to arrive to Cairo in the first week of July.

The delegation will also include members of the Iranian side of the board of directors of the Egypt - Iran Company for Fabrics and Textiles in Suez, in which the share of the Iranian side is 49% while Egypt's is 51%.

Abd El-Hakim Hajaj, head of the Egypt - Iran Company, said the delegation will discuss in Cairo getting into Iranian investment in projects for developing production in the free zone in the northern Suez Gulf, especially in the El-Ain El-Sokhna area, as well as the possibility of establishing a large assemblage for fabrics and textiles, in which Egypt would participate with investments of 300 million pounds, including are 100 million pounds contributed by the Iran.