Complex Made Simple

Egypt targeting EGP32 billion investments in Suez Canal during 2016

One major project is construction of tunnels beneath waterway

The Egyptian government is targeting investments estimated at roughly EGP32 billion for Suez Canal Authority in its plan for 2015/2016.

These investments will be distributed over several projects including the construction of tunnels beneath the canal, an important enterprise that is estimated to cost nearly EGP20bn.

The canal is also anticipated to achieve revenues of $5.5bn in 2015/2016, compared with $5.4bn in FY 2014/2015, which ended on June 30th. The number of ships transiting the canal is expected to reach 17,961, with a total cargo of 1.024 billion tonnes during the current FY, according to the social and economic development plan for the fiscal year prepared by the ministry of planning.

Sherif Ismail’s government is targeting total investments of EGP416.6bn in its plan for 2015/2016, compared with approximately EGP334bn of total investments in 2014/2015.

($1 = EGP7.8 = AED3.66, at the time of publishing)