Egypt opts not to privatize Suez Canal

Published May 10th, 2001 - 02:00 GMT

Egyptian Public Business Sector Minister, Mukhtar Khatab, stated that the Egyptian government has no intention of privatizing either the Suez Canal Authority, universities or railways, reports Al-Ahram newspaper. He maintained that the government would not privatize these sectors due to concern for repercussions of such an act on limited income families in Egypt.  

 

Despite the wide-ranging set of economic reforms being implemented by the Egyptian government, there are no plans afoot to privatize the Suez Canal, said the president of the Suez Canal Authority. Still, work is underway to improving the canal’s facilities  

 

Speaking to Gulf News, Ahmad Fadel, the authority’s president said that his organization is working on deepening the canal to allow heavier ships to pass through it. The canal, which is 58 feet deep, will be deepened to 62 feet to allow ships carrying more than 200,000 tons to pass. 

 

Revenues from the Suez Canal rose during the July 2000-February 2001 period, from $1.24 billion, during the corresponding period a year earlier, to $1.30 billion, reported the Suez Canal Authority.  

 

Egypt has been experiencing a slowdown in its privatisation program. Of the 314 companies targeted, only 156 have been privatised, bringing total sales to EP 15.417 billion as of the end of 2000. — (MENA Report)

© 2001 Mena Report (www.menareport.com)


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