FILE - Amr Nassar FILE - Amr Nassar

Russian company to invest €210M in 2 projects in Egypt

Wed, Nov. 21, 2018
CAIRO – 21 November 2018: Russian Metprom Group announced its attention to set up two projects in Egypt with total investments of €210 million, according to Minister of Trade and Industry Amr Nassar.

The minister said that the first project aims to establish a rolling mill for the production of rebar and wire in the Russian industrial zone in Egypt, with a production capacity estimated at 150,000 tons annually and investments estimated at €60 million.

The second project is set to refurbish the iron and steel complex in Helwan in five stages, including carrying out renovations of the complex, which will increase its production capacity to 500,000 tons of Billets annually, with investments of €150 million, Nassar added.

He noted that the company’s keenness to work in Egypt reflects the Russian private sector’s trust in the Egyptian market as a promising investment market in Africa.

Nassar affirmed the ministry’s keenness to develop the iron and steel industry as one of the strategic industries of the national economy, noting that there are promising opportunities to boost the iron and steel industry in Egypt and access the African markets, benefiting from the bilateral and regional agreements signed with a large number of the continent’s countries.

He also referred to the opportunities to access the markets of Libya, Syria and Iraq to participate in reconstruction projects.

The minister clarified that national projects implemented by the government contribute to enhancing the construction projects generally and projects of iron and steel in particular.

For his part, Chairman of the Russian Group Metprom, Stel Lomachenko, pointed out his group’s eagerness to expand in the Egyptian market during this period in light of the current investment climate and huge investment opportunities, especially in the Suez Canal economic zone and the Russian Zone in particular.

He pointed out that the company works in the fields of industrial projects, technical investments, services, engineering studies, design, supply of basic equipment, machinery and construction services.

Founded in 1992, Metprom has 15 subsidiaries and 50 huge companies, where 25 projects are held in Russia, while other projects are in Belarus, Uzbekistan, Kazakhstan, Iran Cuba, India and China.

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