Egypt

Egypt exceeds investment target for Canal extension


Published

Egyptian authorities have confirmed that they have raised the investment required for the extension of the Suez Canal.

Governor of the Central Bank of Egypt (CBE) Hisham Ramez announced on Monday that the sale of Suez Canal investment certificates had closed having exceeded its target of EGP 60 billion (£5.16 billion; $8.37 billion) by more than one billion Egyptian pounds.

The money is to be used for the construction of a 72 kilometre (45 mile) addition to the Suez Canal which will run parallel to the existing channel.

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