EGYPT BECOMES “PRIVILEGED PARTNER” IN SUEZ CANAL COY.
CAIRO, March 7. The Egyptian Government becomes “a privileged partner” in the Suez Canal Company, as a result of a new agreement which the Egyptian Government signed with the company.
Mr. Charles Roux, president of the Suez Canal Company’s board of directors, said that Egypt would receive 7 per cent, of the company's gross profits and be granted an additional five scats on the board —two immediately and the remainder over the next 15 years, bringing the ultimate total to seven. The company undertakes henceforth to employ nine Egyptians for one foreigner on the administrative staff and four Egyptian technicians, for one foreigner. The Suez Canal Company has earmarked £4,500,000 for large - scale construction projects, including a sixmile canal parallel to the main canal, the deepening of the Suez Canal and the construction of a workers’ city and the deepening of Lake Timsad. The agreement will have to he ratified by the Egyptian Parliament and the company's general assembly before it comes into force.
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Gisborne Herald, Volume LXXVI, Issue 22890, 9 March 1949, Page 7
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172EGYPT BECOMES “PRIVILEGED PARTNER” IN SUEZ CANAL COY. Gisborne Herald, Volume LXXVI, Issue 22890, 9 March 1949, Page 7
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