A fund to sell the Suez Canal.. Parliament reveals the truth about a law that terrified Egyptians

A rumor spread extensively, yesterday, Monday, on social media and terrified the Egyptians about the Egyptian parliament’s approval of a law that allows the establishment of a sovereign fund to sell the assets of the Suez Canal.

Counselor Dr. Hanafi Jabali, Speaker of the House of Representatives, delivered a speech in which he clarified the circumstances of a draft law submitted by the government to amend some provisions of Law No. It implies the establishment of a base fund for the Suez Canal Authority.

The Speaker of the Egyptian Parliament said: I was horrified by what I saw and heard yesterday, Monday, from some affiliated with the educated elite, that the provisions included in the draft law permit the establishment of companies to buy, sell, lease and exploit the fund’s assets, which is, as they describe it, an overuse of the Suez Canal, adding that it is about fears Some citizens are legitimate towards this matter, which is greatly appreciated by us, fueled by the allegations and fallacies issued by people who have their scientific, literary, cultural, and even legal status in society. It finds it necessary to clarify the matter.

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 disposed of. Selling it, stressing that more than that, the state is obligated, according to Article 43 of the Constitution – to protect and develop it – and to preserve it as an international waterway owned by it, and it is also committed to developing the canal sector, as it is a distinguished economic center.

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 crises

For his part, Lieutenant General Osama Rabie, Chairman 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.

And he continued, in statements to Egyptian media, that the authority does not have any money, because it sent all its revenues to the state budget, and therefore a Suez Canal fund was 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 handles Establishing huge projects such as green fuel production and shipbuilding.

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.

Leave a Comment

Your email address will not be published. Required fields are marked *