Suez Canal blocked/blockaded

Hawkeye10 said:
Who is providing the financing?
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Pretty sure that financing is not really a issue, but most likely will be from Egyptian sources like the last upgrade.

Egyptian officials especially the chairman of the Suez Canal Authority, Vice-Admiral Mohab Mamish stated that the $8.2 billion project, which expands capacity to 97 ships per day, will more than double annual revenues to some $13.5 billion by 2023. That, however, would require yearly growth of 10%. A recent forecast from the IMF suggests that in the decade up to 2016 the annual rate of growth for global merchandise trade will have averaged 3.4%.[SUP][14]
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About 18 scientists writing in the academic journal Biological Invasions in 2014 expressed concern about the project impacting the biodiversity and the ecosystem services of the Mediterranean Sea. They called on Egypt to assess the environmental effects that the canal expansion could cause, a request echoed by the executive secretary of the Convention on Biological Diversity.[SUP][15][/SUP] Over 1,000 invasive species have entered the Mediterranean Sea through the Suez Canal since its original construction in the mid-19th century,[SUP][16][/SUP] with human activities becoming a leading cause of the decline of the sea's biodiversity, according to the European Commission's Joint Research Centre.[SUP][17]

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Initially, the project was to be financed through a stock market IPO, allowing partial private ownership of the project. However, the government quickly changed its financing strategy, relying on interest-bearing investment certificates that do not confer any ownership rights to investors.[SUP][18][/SUP] The certificates were issued by the Suez Canal Authority with an interest rate of 12%
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https://en.wikipedia.org/wiki/Suez_Canal_Area_Development_Project
 
Walt said:
Sisi has done a huge amount of damage to Egypt's economy, but the Suez Canal can still finance itself.
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It will not be Egyptian money, so no.

I am expecting that most of it comes from the Empire rather than the West, but I need to see the truth.
 
Hawkeye10 said:
It will not be Egyptian money, so no.
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Egypt owns the Suez Canal, so the billions that are generated from that is their money to do with as they please. Because Sisi is basically a de facto dictator, it is his money to do with as he pleases. He can spend it on improvements to the Suez Canal if he wishes.

Because the Suez Canal is such a steady generator of large amounts of hard money, Egypt has been able to use it to finance many large projects. The famous example is the Aswan Dam.

Now it is being used to self finance its own improvements.
 
Primavera said:
There's no way the Chinese will be allowed anywhere near it.
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That is not how it looks to me:

Egypt's Suez Canal Authority (SCA) agreed with a Chinese shipbuilder to build five tugboats and the contract will be signed very soon, SCA Chairman Osama Rabie told Xinhua.

Without mentioning the name of the Chinese company, Rabie noted that each of the five tugs will be with a bollard pull of 80 tonnes.

"We have already agreed with the Chinese company that the first tug will be delivered to Egypt in 14 months, the second in 20 months and all the five tugs will have been delivered in three years," Rabie told Xinhua on Monday, following a ceremony held in the northeastern Ismailia province to mark the recent arrival of a giant dredger to the SCA.

"It is possible that we will cooperate with China in building bigger tugboats," Rabie added, voicing his confidence in the prospects of cooperation between the SCA and China.

"In fact, the Chinese are so cooperative with us," the SCA chief told Xinhua, noting that Chinese companies are the first to present their offers in the tenders and projects launched by the SCA.
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http://www.chinadaily.com.cn/a/202104/14/WS60764b21a31024ad0bab5668.html

The Egypt-China relationship is strong, and getting stronger.
 
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