{"id":543493,"date":"2022-02-03T04:03:42","date_gmt":"2022-02-03T04:03:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/suez-canal-authority-to-set-up-egp-2-bn-investment-fund\/"},"modified":"2022-02-03T04:03:42","modified_gmt":"2022-02-03T04:03:42","slug":"suez-canal-authority-to-set-up-egp-2-bn-investment-fund","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/suez-canal-authority-to-set-up-egp-2-bn-investment-fund\/","title":{"rendered":"Suez Canal Authority to set up EGP 2 bn investment fund"},"content":{"rendered":"

<\/a> The Suez Canal Authority <\/strong>(SCA) will establish a EGP 2 bn fund in March<\/strong> to finance its economic activities, SCA head Osama Rabie told Bloomberg Asharq<\/a> on Tuesday. The fund was signed off on by the cabinet last week.<\/p>\n

Financing development:<\/strong> The money would \u201ccontribute to the sustainable economic development\u201d of the SCA by supporting its \u201ceconomic and investment activities,\u201d according to a cabinet statement<\/a>. This includes setting up companies, and making investments in securities and fixed and movable assets.<\/p>\n

A rainy day fund:<\/strong> The money will also be used to backstop the authority\u2019s finances during emergencies.<\/p>\n

Transit fees to push revenues to new record highs:<\/strong> The 6% fee hike<\/a> introduced on Tuesday will increase canal revenues by more than USD 400 mn above the authority\u2019s target, Rabie said. The SCA said last month that it expects revenues to rise 11% to USD 7 bn this year<\/a>, which now may be surpassed due to the fee increase applied to all ships except LNG carriers and cruise liners.<\/p>\n

What\u2019s next:<\/strong> The legal amendments allowing the creation of the fund will head to the House of Representatives for discussion.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Suez Canal Authority (SCA) will establish a EGP 2 bn fund in March to finance its economic activities, SCA head Osama Rabie told Bloomberg Asharq on Tuesday. The fund was signed off on by the cabinet last week. Financing development: The money would \u201ccontribute to the sustainable economic development\u201d of the SCA by supporting […]<\/p>\n","protected":false},"author":1,"featured_media":543494,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8996],"tags":[72,7103],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543493","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-suez-canal","tag-enterpriseam","tag-suez-canal","wpautop","entry"],"acf":{"mongo_id":"c99d027f-c860-48d6-bf77-9f281deb827a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/39.jpg","photo_position":"above","related_issue":[543480],"teaser":"","voice_url":""},"yoast_head":"\nSuez Canal Authority to set up EGP 2 bn investment fund - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/suez-canal-authority-to-set-up-egp-2-bn-investment-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Suez Canal Authority to set up EGP 2 bn investment fund\" \/>\n<meta property=\"og:description\" content=\"The Suez Canal Authority (SCA) will establish a EGP 2 bn fund in March to finance its economic activities, SCA head Osama Rabie told Bloomberg Asharq on Tuesday. 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Rabie named Canal Rope alongside Canal Harbor and Great Projects as two\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/217.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576991,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/06\/sczone-might-be-getting-an-investment-arm\/","url_meta":{"origin":543493,"position":1},"title":"SCZone might be getting an investment arm","author":"enterpriseam admin","date":"6 November 2022","format":false,"excerpt":"SCZone to get investment arm? 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