Egypt raises $8.5bn for Suez Canal expansion
by Cathal McElroy
Egypt has raised the $8.5bn (EGP61bn) it needs to fund a project to expand the Suez Canal, the country’s central bank governor said.
Hisham Ramez told Reuters that the target was reached in just eight days after banks issued investment certificates to Egyptian citizens to finance the project.
With the target met, fundraising has closed and Egyptians will no longer be able to buy the investment certificates, the governor said.
The Suez Canal project, which is aimed at expanding trade along what is the fastest shipping route between Europe and Asia, includes the development of 76,000km² around the canal into an international industrial and logistics hub to attract more ships and generate income.
Officials have said the new development would boost annual revenues from the Suez Canal, which is operated by the state-owned Suez Canal Authority, to $13.5bn by 2023 from $5bn currently.