Egypt: Sisi causes controversy with the Suez Canal fund

By Hossam Rabie
Posted on Monday, 9 January 2023 16:22

On the edge of the Suez Canal in Ismailiya, Egypt on 27 May 2021. © Ahmad HASSAN/AFP

A new fund managing part of the Suez Canal’s infrastructure will be able to sell certain facilities to the private sector or foreign investors. This loss of sovereignty has not gone down well. 

For the past two weeks, Egypt has been facing a heated debate. On 19 December 2022, its parliament adopted a bill aimed at creating an investment fund for the Suez Canal. Managed directly by the Suez Canal Authority, the structure is expected to, according to the government, increase the authority’s capacity to contribute to the canal’s “sustainable economic development”.