Egypt Denies Intention to Sell Suez Canal through Newly Established Fund

The Suez Canal Authority (SCA) denied the government's intention to establish the Suez Canal Authority Fund as a back door for selling the canal, stressing that the canal and its management will remain wholly owned by the Egyptian state and subject to its sovereignty, and the entire staff of the Canal Authority, including employees, technicians and administrators, will remain Egyptian.

The SCA stated that the aim of establishing a fund owned by the Canal Authority is to increase the authority’s ability to contribute to the sustainable economic development of its facility through optimal utilization of its funds, and in accordance with the best international standards and rules to maximize its value, according to a statement issued by the Cabinet.

It emphasized that the fund will contribute to enabling the authority to confront crises and emergencies that occur as a result of any exceptional circumstances or bad economic conditions, noting that all the fund’s accounts are subject to the supervision of the Central Auditing Organization, calling on citizens not to succumb to these lies, and only draw information from its official sources.