“Selling the Suez Canal” .. Parliament reveals the truth

A rumor spread that terrified the Egyptians about the parliament’s approval of a law allowing the establishment of a sovereign fund to sell the assets of the Suez Canal. This prompted the Speaker of Parliament to deliver a speech explaining the truth and objectives of this law.

Counselor Dr. Hanafi Jabali, Speaker of Parliament, delivered a speech in which he clarified the circumstances of a draft law submitted by the government to amend some provisions of Law No. 30 of 1975 regulating the Suez Canal Authority.

He emphasized that the news circulating, whether in various media outlets, or on social media regarding the discussion of the law, which involves the establishment of a fund affiliated with the Suez Canal Authority, is baseless.

Do not touch the Suez Canal

The Parliament Speaker revealed that the draft law, which was approved by the House of Representatives in its entirety in yesterday’s session, which includes the establishment of a fund affiliated with the Suez Canal Authority, and whose approval procedures have not been finalized, does not include any provisions affecting the Suez Canal, as it is one of the state’s public funds, and it may not be disposed of or sell it.

He stressed that, in addition to that, the state is obligated, according to Article 43 of the Constitution, to protect, develop and preserve the canal as an international waterway owned by it, and is also committed to developing the canal sector, as it is a distinguished economic center.

Suez Canal Fund

He added that what was included in the draft law regarding the right of the fund to be established to sell, buy, lease or exploit its fixed or movable assets is a natural matter consistent with the nature of the funds as a means of financing and investment, and does not work directly or indirectly on the “Suez Canal”, because The term “assets” cannot in any way refer to the same channel, as it is “public money” that cannot be neglected.

Confronting crisis

For his part, Osama Rabie, head of the Suez Canal Authority, revealed that the aim of the law is to establish a fund to increase the authority's capacity for sustainable development, confront emergency crises, and carry out some economic activities for the canal.

He explained that the Suez Canal Authority does not have any money, because it sends all its revenues to the state budget, and therefore a Suez Canal fund has been prepared to be financed from the surplus, indicating that the fund has the right to dispose of the fund’s assets that are not related to the assets of the Suez Canal Authority, and it undertakes the establishment of huge projects, such as green fuel production, and shipbuilding.

Increasing The Authority's ability to Contribute to Development

He revealed that the law aims to increase the Authority's ability to contribute to the sustainable development of its facilities and the work of giant global projects such as the manufacture of large and large ships, arsenals and all service projects related to the Authority.

It is noteworthy that, according to official figures, the channel’s revenues last year amounted to 6 billion dollars, and this year it rose to 7 billion and 932 million dollars, while the Egyptian government expects to achieve more than 8 billion dollars in revenues from the channel next year.