Egypt’s Suez Canal Economic Zone Authority denied on Tuesday reports circulating on social media and certain media platforms about plans to borrow EGP 19 billion (over $380 million) for 13 years to complete port development projects.
In an official statement, the authority clarified that these claims are entirely unfounded and lacking in any factual basis. It emphasized that no steps or decisions have been made regarding such a loan.
The statement also noted that the funding for the authority’s port development projects comes from increasing revenues from industrial zones and partnerships with key stakeholders, in line with its development strategy.
The authority urged the public to rely on official communication channels for accurate information and warned that legal action will be taken against those spreading false information.
It was also noted that the Suez Canal’s revenues for the fiscal year 2023-2024 dropped by 23.4% compared to the previous fiscal year, with revenues decreasing from $9.4 billion in 2022-2023 to $7.2 billion in 2023-2024, as stated by the head of the authority, Osama Rabie, on July 18.
