Is the Suez Canal Authority Planning to Borrow a Huge Amount?

The General Authority for the Economic Zone of the Suez Canal in Egypt denied plans to borrow a large amount to complete certain projects. The Egyptian authority stated in its release today, Tuesday, that "the news circulated about the plan to borrow approximately 19 billion Egyptian pounds over 13 years to complete port development projects is completely unfounded." The General Authority for the Economic Zone of the Suez Canal warned against circulating such incorrect information and affirmed its legal right against any individual or institution that spreads this information. During the fiscal year 23-24, the Suez Canal Economic Zone achieved its highest revenues in its history, amounting to 8.25 billion Egyptian pounds, an increase of 36% compared to fiscal year 22-23, and the highest annual surplus of 5.42 billion Egyptian pounds, an increase of 33% from the previous fiscal year. A total of 98 projects received final approvals with total investments of 2.23 billion dollars during the fiscal year 23-24.