VOL. XXXI

NO. 7

23-NOVEMBER-1987

Financial and Banking News

AID FLOWS

USSR to Finance Egyptian Steel Works Modernization

The Soviet Union has agreed to contribute around E20mn to a project for therenewal, replacement and modernization of the steel hot rolling factories of theEgyptian iron and steel works, according to Mr. Dia al-Din Tantawi, chairman ofthe iron and steel factory. The plan will raise production from the present200,000 tons/year to around 500,000 t/y.