Egypt denies the rumor of selling the Suez Canal Maritime Tickers

Egypt denies Fabricated Audio Clip of selling the Suez Canal

Suez Canal Authority undertakes the establishment of huge projects such as green fuel production and shipbuilding.

The Suez Canal Authority ( SCA ) in Egypt denied reports circulating about the government’s intention to sell the Suez Canal for one trillion dollars.

Egyptian Cabinet denied

An audio clip was circulated on social media in Egypt claiming that the government intends to sell the Suez Canal for a trillion dollars.

He continued: The entire staff of the Canal Authority, including employees, technicians and administrators who are Egyptian citizens, will remain affiliated with Egypt, clarifying that the canal or any of its constitutionally protected facilities cannot be harmed.

Article 43 of the Egyptian Constitution

According to what was reported by Al Arabiya: The Center revealed that protecting the canal and preserving its ownership of Egypt is obligatory according to Article 43 of the Egyptian Constitution, which stipulates “the state’s obligation to protect, develop and preserve the Suez Canal as an international waterway owned by it, and it is also committed to developing the canal sector as a distinguished economic center.” “.

A sovereign fund

At the end of the year 2022, a rumor spread widely on social media, terrifying Egyptians, about the Egyptian Parliament approving 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 in which he explained the reality of this law and its objectives.

The Speaker of the Egyptian Parliament said: The draft law approved by the House of Representatives in its entirety, which includes the establishment of a fund affiliated with the Suez Canal Authority, and whose approval procedures have not been finalized;

It does not include any provisions affecting the Suez Canal; Because it is public state money, and it may not be disposed of or sold, stressing that what is included in the draft law is the right of the fund to be established to sell, buy, rent, or exploit its fixed or movable assets;

It is a natural matter that is consistent with the nature of funds as a means of financing and investment, and it does not work directly or indirectly on the Suez Canal. Because the term “assets” cannot in any way be used to refer to the channel itself, as it is “public money” that cannot be neglected

Increase the authority’s ability

ِAdmiral General Osama Rabie, Chairman of the Suez Canal Authority ( SCA ), revealed in previous statements: The aim of the law is to establish a fund to increase the authority’s ability to achieve sustainable development, confront emergency crises, and carry out some economic activities for the canal.

Projects green fuel

He continued: The authority does not have any money, because it sends all its revenues to the state budget. Therefore, a fund was prepared for the Suez Canal 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.
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