The Clap
The government has pushed forward with a plan to create a fund owned by the Suez Canal Authority, & it looks like it’s sailing through the House of Representatives.
What
This fund would have an authorized capital of EGP 100 billion, & will allow the authority to buy, sell, & lease its assets in an effort to make the most of them.
So what
Not everyone is on board with this plan – some members of parliament have spoken out against it, arguing that the resources of the Suez Canal belong to the state & shouldn’t be put into a fund that has the power to sell securities.
Now what
Despite this opposition, the head of the Suez Canal Authority insists that the fund won’t impact the amount the canal contributes to the state’s budget & is simply a way to exploit the annual surplus the canal generates.
