Suez Canal to establish sovereign wealth fund
The Suez Canal Authority has unveiled a plan to establish a sovereign wealth fund to shield the canal from fluctuations in global trade and crises like COVID-19.
CAIRO — The Suez Canal Authority (SCA), the government body that operates the Suez Canal, plans to establish its own sovereign wealth fund for the first time.
The fund will be established to cushion the canal from possible crises and fluctuations in international trade, SCA officials say.
The SCA channels the revenues of the canal, including transit fees, to the Egyptian Ministry of Finance at the end of each month.
However, an SCA official revealed recently that it had already started setting aside some of the revenues so that it can establish the planned sovereign wealth fund.
