Egypt: The Suez Canal records positive growth for the first time in months
Cairo, November 11 (WAM) – Prime Minister Dr. Mostafa Madbouly said that Suez Canal revenues recorded positive growth for the first time in months.
Madbouly added in a press conference that the cash reserve of foreign currencies exceeded the level of 50 billion dollars, which strengthens the confidence of international institutions and investors in the strength of the Egyptian economy, indicating that the reserve continues to rise for the 38th month with support from productive sectors including tourism, industry, export, communications, and remittances from Egyptians abroad.
He explained that foreign exchange resources cover the state’s needs while achieving a surplus that supports an increase in reserves, stressing that these indicators contributed to the influx of foreign investments and the opening of new factories in different cities, indicating the continuation of the industry localization plan, including a car factory with investments of 150 million dollars. He said that the goal is to raise production capacity to 500 thousand cars annually.
WAM/QR/Z
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