- Jul 1, 2018
- 4,314
Middle East News Agency |
Cairo - The spokesman of the Governmental Palace in Cairo announced few minutes ago the nationalization of the Suez Canal Authority, handing control of the operations entirely back to the state of the Arab Republic of Egypt, after a multi billion agreement that exceeds the 15bn, evidencing at the same time the financial stability of the nation. This meassure has been undertaken as part of the recognition by part of the Government led by President Mando Safar of the Suez Canal as major strategic asset, not only for Egypt but also for global trade, and therefore prioritizing having complete oversight over how it works and operates. The state will now be able to set tariffs and policies for all vessels that wish to operate it, including commercial and military ships. In addition, complying with national securirt guidelines, the transiting of military units will be specially regulated. It is expected that the new entity regulating its operations will publish soon the new costs and procedures to make the crossings. |
