El Sadat Demands the Clarification of the Reasons behind Extra Loans for Suez Canal Project

Chairman of the "Reform and Development" Party, Mohamed Anwar El Sadat, demanded that the Presidency clarifies the reasons behind what was published in some newspapers regarding the State's intention to pursue an additional loan for the Suez Canal project. The additional loan, estimated at 400 Million USD, comes days after another extra loan with the same value, totaling the value of additional loans to 800 Million USD with a 3.25% interest rate (more than 6 Billion EGP). 

El Sadat questioned the reasons behind the additional loans, especially after investment bonds increased funds for the project to 64 Billion EGP. He also questioned why the additional loans were estimated and reported in USD instead of EGP, considering that the Suez Canal project is a major national project implemented by Egyptians. 

El Sadat called on the Government to be more transparent and open about the reality of the financial and technical aspects of this huge national project, on which, Egyptians have very high hopes and expectations. He added "We want an external financial and technical report containing all the updates on the project, in addition to a the Government's detailed strategy of: implementing the project; its complementary projects; as well as its plan to maximize the Canal's profits over the next five and ten years".


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