Egypt to release tender for Suez Canal development

Tender expected to be out at end of the month.
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Egypt says it plans to finalise a tender for the development of the Suez Canal by the end of the month in an effort to boost its economy which has been struggling due to political turmoil.

The country’s Investment Minister, Osama Saleh, told a Euromoney conference in Cairo “it is an Egyptian project and we are going to finalise the first stage by finalising this tender by the end of this month," adding the terms of reference will be tendered globally.

Egypt's economy benefits from about $5 billion a year in tolls for using the vital 192-km waterway, the quickest sea route between Asia and Europe.

Saleh did not put a price tag on the project.

Egypt, the most populous Arab state, has been craving foreign investment since a popular uprising toppled autocrat Hosni Mubarak in 2011.

The political upheaval that followed the revolt, and a power struggle since the army toppled President Mohamed Morsi of the Muslim Brotherhood in July, have hammered Egypt's economy.
 

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