CAIRO, Feb. 19 (Xinhua) -- Chairman of Egypt's Suez Canal Authority Mohab Mamish said on Tuesday that an agreement was reached with Russia to establish a company to operate the anticipated 7-billion-U.S. dollar Russian industrial zone east of Port Said before April.
According to an official statement, Mamish, who is on a visit to Russia, said that Russia agreed to provide all required assurances to guarantee the new company to administer the project.
Mamish added that the Suez Canal Economic Zone agreed to Russia's request to prepare the land necessary for establishing the project, which is expected to provide 35,000 job opportunities.
Agreed upon in May 2018, the Russian industrial zone is set to be established over three phases on a 5.25-million-square meter plot of land, with the first phase to cost 190 million dollars.
Following his talks with the Russian side, Mamish attended a workshop in the presence of representatives of about 200 major Russian firms that were interested in investing in the project.
The development of the Suez Canal Corridor is one of Egypt's ongoing mega projects that are supervised by the Suez Canal Authority and its Canal Economic Zone.
