|09-23-2014, 05:11 AM||#1|
2nd Suez Canal project boosts foreign currency in Egypt
Billions of pounds started to flow into the Egyptian economy as the digging of a new 45-mile-long lane paralleling the Suez Canal began just few weeks ago.
Hopes for a stronger recovery to Egypt’s ailing economy have been on the rise since the country announced plans to add an extra section running alongside the original 101-mile-long Suez. According to the latest statistics, the multi-billion dollar plan has successfully attracted a massive flow of foreign currency to the Egyptian economy in less than two months, as investors increasingly spot good opportunities to expand trade along the fastest shipping route between Europe and Asia.
On Monday, the country’s central bank governor, Hisham Ramez, announced that the investment certificates issued earlier this month to finance the digging of a new Suez Canal have attracted LE27 billion ($3.8 billion) of fresh cash to the Egyptian banking system. A sum of LE60 billion was initially targeted to finance the national project, he added. Surprisingly, the government gathered a total of LE64 billion from these certificates.
According to Finance Minister Hany Kadry Demian, this current extension of the canal; which links the Mediterranean Sea to the Indian Ocean via the Red Sea, is strongly expected to increase annual revenues from the waterway to Egypt`s coffers over the next nine years to around $12-13 billion.
However, only time will reveal if this project will help the country reach a 3.5% growth rate by the end of the current fiscal year and 5.7% growth by the end of June 2018. The key goal of this new Canal is to attract more ships and boost the country’s income.
The project, mainly run by the army under the lead of the new President Abdel Fattah al-Sisi, is aiming to stimulate Egypt`s struggling economy and resurrect some of the many programs of the iconic Gamal Abdel Nasser – one of Sisi`s predecessors.
The megaproject is definitely an important driver for the country`s economic growth, and this current development affirms a crystal clear advantage that Egypt can finance projects internally.
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