Tuesday, September 23, 2014
Egypt raises $8.5B for Suez Canal revamp
Egypt has raised the $8.5 billion to expand the Suez Canal, according to the country’s central bank governor.
Hisham Ramez told Reuters the target was reached in eight days after banks issued investment certificates to Egyptian citizens to finance the project.
The Suez Canal project includes the development of 29,000 square miles around the canal into a global industrial and logistics center to draw more ships and generate income.
Officials have said the new development would increase annual revenues from the state-owned Suez Canal to $13.5 billion by 2023, up from the current $5 billion.
Canal revenues are crucial for the country, which has suffered a downtrend in tourism and foreign investment since the 2011 uprising that ousted ruler Hosni Mubarak.
For more of the Reuters Africa story: af.reuters.com
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