Egypt establishes independent fund for Suez Canal

Egyptian Cabinet has approved to establish a separate fund to manage Suez Canal’s revenues, as its headquarters will be in Ismailia governorate, according to the Cabinet’s statement published in July 20.

The fund aims to contribute in the sustainable economic development of the Suez Canal Authority (SCA) facility, the statement added.

It also targeting the optimal use of its funds, in accordance with the best international standards and rules to maximize its value.

Moreover, the fund established to confront crises and emergencies that occur as a result of any exceptional circumstances, force majeure, or bad economic conditions.

According to the statement, the fund board of directors have the full authority to establish several branches or offices for it across Egypt.

Egyptian President Abdel Fattah al-Sisi has the responsibility to issue fund’s statutes, based on the approval of the Cabinet within sixty days from the date of enforcement of this law.

SCA’s fund has an executive director with practical experience in investment field dedicated to managing it, as it has a general assembly.

Noteworthy, Suez Canal is the shortest and fastest maritime route between Asia and Europe, took in a record seven billion dollars during the financial year 2021-2222, an increase of 20 percent year over year.