{"id":578268,"date":"2022-12-21T04:04:30","date_gmt":"2022-12-21T04:04:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/21\/suez-canal-fund-not-privatization-via-the-back-door-govt-says-amid-controversy\/"},"modified":"2022-12-21T04:04:30","modified_gmt":"2022-12-21T04:04:30","slug":"suez-canal-fund-not-privatization-via-the-back-door-govt-says-amid-controversy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/21\/suez-canal-fund-not-privatization-via-the-back-door-govt-says-amid-controversy\/","title":{"rendered":"Suez Canal fund not privatization via the back door, gov\u2019t says amid controversy"},"content":{"rendered":"

<\/a> The government is moving to stem controversy over the new Suez Canal fund:<\/strong> The Madbouly government yesterday denied<\/a> claims that a proposal to set up a fund for the Suez Canal Authority will enable it to privatize assets by the back door.<\/p>\n

ICYMI-<\/strong> MPs this week gave initial approval<\/a> to legal amendments that would allow the SCA to \u201cbuy, sell, lease, exploit and benefit from fixed and movable assets\u201d owned by the authority in order to capitalize a new EGP 10 bn fund. It would also allow it to use its own financial resources and revenues. It\u2019s not clear whether this includes canal revenues, a key source of FX income for the public purse.<\/p>\n

Cue controversy:<\/strong> A large number of MPs voted against the law on Monday, voicing concerns that it will pave the way for the SCA to sell assets without parliamentary oversight. \u201cEstablishing a fund in the Suez Canal is tantamount to emptying Egypt of its funds, and turning public money into private money,\u201d said<\/a> Mohamed Abdel Alim Daoud, a Wafd Party MP. It also triggered a storm on social media, with speculation about whether the amendments would allow the SCA to sell the canal trending all day.<\/p>\n

The cabinet moved to calm fears over transparency<\/strong>, saying yesterday that the fund\u2019s accounts will be supervised by the Central Auditing Organization and that the SCA would not sell off its assets by the back door. It did not acknowledge complaints about the lack of parliamentary supervision.<\/p>\n

The canal is not for sale, says House Speaker:<\/strong> The fund will only be able to sell fixed and moveable assets, not the canal itself, House Speaker Hanafi Gebali said (pdf)<\/a> during yesterday\u2019s session, suggesting that selling the canal would be unconstitutional. \u201cThe fund will do what all funds do in terms of buying, selling, and leasing assets, but it says nothing at all that it will sell Suez Canal.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The government is moving to stem controversy over the new Suez Canal fund: The Madbouly government yesterday denied claims that a proposal to set up a fund for the Suez Canal Authority will enable it to privatize assets by the back door. ICYMI- MPs this week gave initial approval to legal amendments that would allow […]<\/p>\n","protected":false},"author":1,"featured_media":578269,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7344],"tags":[72,6475,274,187,7103],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578268","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-enterpriseam","tag-hanafi-el-gibaly","tag-house-of-representatives","tag-legislation-watch","tag-suez-canal","wpautop","entry"],"acf":{"mongo_id":"dac1a7c1-fd51-46bf-8430-d92507ab4dd3","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/12\/448.jpg","photo_position":"above","related_issue":[578261],"teaser":"","voice_url":""},"yoast_head":"\nSuez Canal fund not privatization via the back door, gov\u2019t says amid controversy - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/21\/suez-canal-fund-not-privatization-via-the-back-door-govt-says-amid-controversy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Suez Canal fund not privatization via the back door, gov\u2019t says amid controversy\" \/>\n<meta property=\"og:description\" content=\"The government is moving to stem controversy over the new Suez Canal fund: The Madbouly government yesterday denied claims that a proposal to set up a fund for the Suez Canal Authority will enable it to privatize assets by the back door. 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A rainy day fund: The fund\u2019s resources will be deployed to\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/421.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578278,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/21\/suez-canal-controversy-was-everywhere-on-the-talk-shows\/","url_meta":{"origin":578268,"position":1},"title":"Suez Canal controversy was everywhere on the talk shows","author":"enterpriseam admin","date":"21 December 2022","format":false,"excerpt":"No canals for sale here: The nation\u2019s talking heads spoke in unison last night carrying the government\u2019s message about the proposed Suez Canal fund, which has generated controversy among MPs and on social media about the privatization of assets owned by the Suez Canal Authority. The government yesterday denied accusations\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/453.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543493,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/suez-canal-authority-to-set-up-egp-2-bn-investment-fund\/","url_meta":{"origin":578268,"position":2},"title":"Suez Canal Authority to set up EGP 2 bn investment fund","author":"enterpriseam admin","date":"3 February 2022","format":false,"excerpt":"The Suez Canal Authority (SCA) will establish a EGP 2 bn fund in March to finance its economic activities, SCA head Osama Rabie told Bloomberg Asharq on Tuesday. The fund was signed off on by the cabinet last week.Financing development: The money would \u201ccontribute to the sustainable economic development\u201d of\u2026","rel":"","context":"In "Suez Canal"","block_context":{"text":"Suez Canal","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/suez-canal\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/39.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579382,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/suez-canal-receives-record-monthly-revenues\/","url_meta":{"origin":578268,"position":3},"title":"Suez Canal receives record monthly revenues","author":"enterpriseam admin","date":"5 February 2023","format":false,"excerpt":"SUEZ CANAL-Another record-breaking month for Suez Canal revenues: Suez Canal revenues grew 47% y-o-y in January to an all-time monthly high of USD 802 mn, according to a Suez Canal Authority (SCA) statement. Some 2.15k vessels transited the canal last month, up 21.5% y-o-y, according to the figures. The authority\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/75.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542547,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/03\/suez-canal-revenues-were-the-highest-on-record-in-21\/","url_meta":{"origin":578268,"position":4},"title":"Suez Canal revenues were the highest on record in \u201821","author":"enterpriseam admin","date":"3 January 2022","format":false,"excerpt":"Suez Canal revenues were up 12.2% in 2021, hitting a record USD 6.3 bn, Suez Canal Authority (SCA) boss Osama Rabie said, according to a cabinet statement. The record-breaking revenues last year followed a modest 3% y-o-y dip in 2020 to USD 5.61 bn, the result of the pandemic slowdown.Last\u2026","rel":"","context":"In "Suez Canal"","block_context":{"text":"Suez Canal","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/suez-canal\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/23.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558732,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/24\/suez-canal-revenues-are-up\/","url_meta":{"origin":578268,"position":5},"title":"Suez Canal revenues are up","author":"enterpriseam admin","date":"24 August 2021","format":false,"excerpt":"Suez Canal revenues rose almost 11.2% y-o-y to USD 3.88 bn from January to August, compared with the preceding year when revenues came in at USD 3.49 bn, Suez Canal Authority (SCA) boss Osama Rabie told a Sada El Balad Sunday (watch, runtime 9:03). Reuters also had the story.Suez Canal\u2026","rel":"","context":"In "Suez Canal"","block_context":{"text":"Suez Canal","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/suez-canal\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/245.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578268","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=578268"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578268\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/578261"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/578269"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=578268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=578268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=578268"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=578268"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=578268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}