Egypt: SCA Fund doesn’t allow foreigners to have control or sovereignty over Suez Canal

by nevine

According to Egypt Today, Defending the draft law of the Egyptian Suez Canal Authority (SCA) Fund, Chairperson of the Authority Osama Rabie affirmed, in a press conference yesterday, that the bill doesn’t allow foreigners to have control or sovereignty over the Suez Canal.

“The Suez Canal Authority (Fund) was carefully studied and has no bearing on the state’s sovereignty […] “The Suez Canal belongs to Egyptians, and its assets are untouchable in accordance with the constitution, as no Suez Canal Authority assets are for sale,” Rabie said, adding that the SCA Fund will be monitored by the state-owned Central Auditing Organization.

The press conference was held to clarify a set of facts related to the draft law of the Suez Canal Fund after a controversy has been raised recently regarding the fund.

Article 43 of the Egyptian Constitution guarantees Egyptian sovereignty over the Canal and its affiliations. “The state commits to protecting, developing, and maintaining the Suez Canal as an international waterway that it owns. It is also committed to the development of the canal sector as a significant economic pillar,” Article 43 stipulates.

Rabie stated that a feasibility study for the Fund in dealing with crises and emergency situations that could affect dollar flows to the Suez Canal had been conducted, citing how the country has been impacted by the international crises of the Coronavirus pandemic and the ongoing Russian-Ukrainian war.

According to Karam Gabr, Head of the Supreme Council for Media Regulation (SCMR), President Abdel Fattah El-Sisi is eager to announce the full details of the Suez Canal Authority Fund Law.

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