Cairo – Mubasher: Egypt’s Cabinet has approved the establishment of the Suez Canal Authority (SCA) Fund with an independent legal identity, the Prime Minister, Mostafa Madbouly, announced.
The Cabinet pointed out that the fund will be headquartered in Ismailia, and its board may set up different branches or offices across Egypt, according to a recent statement.
In accordance with international standards, the fund will use its proceeds to contribute to the sustainable economic development of the SCA.
In addition, the fund aims to face current crises and emergencies amid difficult economic conditions.
During fiscal year (FY) 2021/2022, Suez Canal registered $7 billion in revenues, an annual surge of 20.70% from $5.80 billion.
