Suez Canal Authority investments estimated at EGP 13.1 billion in FY2022/202323

CAIRO, Investments of Suez Canal Authority (SCA) are estimated at nearly 13.1 billion Egyptian pounds in the plan of action of year 2022/2023, said Egyptian Minister of Planning and Economic Development Hala Saeed.

Egypt Today quoted Saeed as releasing a report about goals and investments of the Suez Canal sector in the current Fiscal Year plan 2022/2023.

Saeed added Suez Canal is mainly contributing to receiving giant ships and vessels worldwide and promoting flow of trade.

The report stated that the authority targets upping production rates to 120.3 billion Egyptian pounds in 2022/2023 from 103.9 billion Egyptian pounds in 2021/2022.

The plan also urges increasing the Gross Domestic Product (GDP) by 7 percent to 107.6 billion Egyptian pounds from 100.5 billion Egyptian pounds, according to the report.

Source: Emirates News Agency