Egypt creates independent fund for Suez Canal
Egypt has established a new fund for the Suez Canal manage its own revenues independently.
CAIRO — Egypt has established a special fund to manage and make use of the Suez Canal's revenues, amending Law No. 30 of 1975 to do so.
The amended law, approved on July 20, established the Suez Canal Authority Fund, an independent legal entity headquartered in Ismailia governorate.
The fund aims to contribute to the sustainable economic development of the Suez Canal Authority (SCA) facility.
The Suez Canal, which is the shortest and fastest maritime route between Asia and Europe, took in a record seven billion dollars during the fiscal year 2021-2222, an increase of 20% year over year.
