“Threatening Egypt’s sovereignty”: Civil Democratic Movement criticize Suez Canal Fund

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On Wednesday, the Civil Democratic Movement considered the establishment of a fund for the Suez Canal Authority a threat to Egypt’s sovereignty and national security. The movement attributed its opposition to the fund to its “economic disadvantages” and its “political and strategic risks”. In September, the movement called on the government to take its time in making economic decisions related to strategic assets. On Monday, the House of Representatives approved a draft law to establish a fund owned by the Suez Canal Authority to “increase its ability to contribute to the economic development of the canal, according to government statements.”

MPs criticized the government-proposed draft law, saying it would place new burdens on the country. Representative Maha Abdel Nasser said the draft law would negatively affect the Suez Canal. Abdel Nasser also called for the appearance of Prime Minister Mostafa Madbouly before the House of Representatives to clarify the actual economic situation of the country. Representative Muhammad Abdel-Alim Daoud said that the aim of the draft law is privatization. Representatives Ehab Mansour, Atef Maghawry, and Ahmed Farghali rejected the draft law.