What does the controversial bill on ‘selling the Suez Canal’ in Egypt mean ?

What does the controversial bill on ‘selling the Suez Canal’ in Egypt mean ?

A great deal of controversy has arisen over the past few hours in Egypt regarding the proposal to establish the Suez Canal Authority Fund.

This was announced by president Abdel Fattah al-Sisi at the economic conference held in October.

Sisi said at the conference: “How can such a giant institution not have a financial solvency of 300 or 400 billion?”

Sisi then instructed the establishment of the authority’s revenue fund, expecting the financial solvency for the Suez Canal Authority to reach LE300 or LE400 billion in four years.

Speaker of the House of Representatives, Hanafy Gebaly, then referred a draft law submitted by the cabinet to a joint committee consisting of the House of Representatives’ Economic Committee and the Plan and Budget Committee to discuss amendments to Law No. 30 of 1975 regulating the Suez Canal Authority.

The committee held seven meetings to discuss the draft law, in which head of the Suez Canal Authority, Osama Rabie, participated, as well as representatives of the Suez Canal Authority, the Central Bank of Egypt, the General Authority for Investment, the Financial Regulatory Authority, the Ministries of Finance and Justice and the stock exchange.

The bill aims to establish a fund owned by the Suez Canal Authority to increase