President of the Suez Canal: The canal or any of its assets cannot be forfeited.
He said that the proposed sovereign fund for the canal could receive foreign investors.
fund for the canal could receive foreign investors, but they would not have control over the waterway.
"The canal or any of its assets cannot be forfeited," he added at a press conference, noting that foreign investment is welcome, but will not have power over the canal.
Read more: A fund to sell the Suez Canal.. Parliament reveals the truth about a law that terrified Egyptians
He explained that the fund aims to help protect the canal's resources and provide financing for reinvestment, in addition to helping to face any unexpected crises.
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Recent official data revealed that the revenues of the Egyptian Suez Canal increased during last October, to record about 14.3 billion pounds, up from 13...
Suez Canal revenues jumped 7.5% to 14.3 billion pounds in October the event
He pointed out that the draft law for the Suez Canal Authority Fund has been subject to careful study from all sectors of the state, and foreigners are not allowed in its board of directors or the management of the canal.
A rumor spread widely, last Monday, on social media, and terrified the Egyptians about the Egyptian parliament’s approval of a law allowing 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.
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.