Canal projects to bring $100bn to Egypt annually

GMT 10:25 2014 Wednesday ,17 December

Arab Today, arab today Canal projects to bring $100bn to Egypt annually

Suez Canal
Cairo - MENA

Head of the Egyptian Businessmen Society Hussein Sabour stressed on Wednesday that setting up good development projects along the 350-km-long banks of the Suez Canal will bring 100 billion dollars to Egypt annually.
Speaking to MENA, he underlined the importance of making the best use of the Suez Canal to serve the national economy, saying 22 percent of world containers transit the Canal but they only pay 155 dollars in fees while they pay 3,500 dollars at Rotterdam harbor.
Sabour was speaking on the sidelines of the 18th session of the Egyptian-Jordanian business council.
He termed as good the supply minister's idea of setting up a logistics center for handling and storing grains.
Investors should sense real security in Egypt before they can pump their money into the country, he said, adding that the State should also respect contracts with investors and iron out hurdles facing them.


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