Agreement to Establish Egyptian Industrial Zone in Algeria

Prime Minister Hisham Qandil said on 24/10/2012 that Egypt will establish an industrial zone in Algeria to produce construction materials the North African country needs. His two-day visit was meant to increase the flow of Egyptian investments to Algeria, he said in a press conference. He talked about an "ambitious" plan to build some 2.5 million residential units in Algeria until the end of 2014, noting that Egyptian construction companies will have a big share in this project. The Egyptian government encourages Businessmen to put their money into projects in Algeria, Qandil said, adding that Algerian President Abdelaziz Bouteflika has promised to give them all the support they need. It has also been agreed that Egypt imports gas from Algeria, but the exact amount is yet to be determined, Qandil told reporters. An Algerian delegation is due in Cairo after the Greater Bairam to discuss an agreement on refining Algerian crude oil in Egypt, the Premier said.