Egypt : Suez Canal Authority investments in FY 2020/2021 estimated at LE 16.9 Billion

  • 29 September 2020 / News / 61 / Khaled Zaki


Egypt : Suez Canal Authority investments in FY 2020/2021 estimated at LE 16.9 Billion
CAIRO – 28 September 2020: The Suez Canal Authority’s (SCA) investments in the FY 2020/2021 plan are estimated at LE 16.9 billion (US $ 1.07 billion), announced Egyptian Minister of Planning and Economic Development Hala El-Said in a statement on Monday.
 
“The investments will be used to implement the authority’s development and expansion projects, despite the repercussions of the coronavirus crisis,” she said in the statement.
 
The allocated funds are directed at implementing several projects, including the completion of constructing four tunnels under the Suez Canal: two in Port Said Governorate and two in Ismailia Governorate, the statement said.
 
The strategic projects on the Suez Canal will also include constructing a sea pier east of the Al-Fardan Station, alongside completing the berths for the new canal ferryboats. There will also be work carried out on protecting the side slopes of the phosphate complex export berth at Ain Sokhna, according to the statement.
 
The report noted that work will start on implementing some national projects, including construction of the Al-Fardan and Ras Baniyas Bridges, and clearing the Manzala and Mariout Lakes. Other work will be carried out on dredging the port at Jarjoub and the Abu Qir marine, as well as the acquisition of 38 fishing vessels.
 
Further financing will be directed to developing a fleet of the locomotives used to pull ships crossing the Suez Canal in terms of capacity and tensile strength. These developments will provide high-capacity energies at canal cities, whilst raising the efficiency of docks and floating winches, marine equipment, and workshop equipment and machinery. This will ensure that maintenance, renovation, and construction can be carried out for marine units.
 
The authority's equipment will also be developed through modernization and increased capacity. With improved equipment, it is expected that there will also be improved and safer navigation along the canal. 
 
Other work that will be covered by the SCA’s investments includes a tranche of financing that will go towards developing the authority’s arsenals at Port Said and Port Tawfiq. This will ensure that they are able to face the global development of transit ships, whilst also developing their repair systems.
 
“Prior to the novel coronavirus (COVID-19) pandemic, the International Monetary Fund (IMF) expected continued rise in these revenues to $5.9bn in FY 2019/2020, before reaching $6.2bn in FY 2020/2021,” “The minister said.
“The Suez Canal’s importance increases with the development and growth of maritime transport and global trade. Maritime transport is considered the cheapest means of trade movement around the world, with more than 80% of international exchange transported through maritime roads and channels,” she added.

source: egypttoday

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