Egypt: fears on social networks of a sale of the Suez Canal following a bill
The banks of the Suez Canal at Ismailia, in northeastern Egypt, in May 2021. © AHMAD HASSAN / AFP
Text by: Alexandre Buccianti
2 mins
Egyptian social networks are in turmoil over a law concerning a new investment fund for the Suez Canal.
Some Internet users have expressed concern that the channel will be “
sold to foreigners
”.
Publicity
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From our correspondent in Cairo,
Everything related to the Suez Canal is extremely sensitive in Egypt.
The canal has, in fact, become the
symbol of Egyptian independence
since its nationalization by President Nasser in 1956 and the subsequent Franco-British military aggression.
It is no coincidence that Abdel Fattah al-Sissi, barely president in 2014, wanted to consolidate his power on the doubling of the Suez Canal.
But if the bill on a Suez Canal investment fund was accepted at first reading by Parliament, it was rejected by a large part of Internet users.
Backed by economists, many saw the fund as a back door to divest Suez Canal assets to foreigners.
Even the former president of the canal authority, Admiral Mohab Mamich saw in it foreign interference without recent precedent.
No question of selling "
the least drop of water
"
The current president of the Suez Canal Authority, Admiral Oussama Rabie, gave a press conference to which all national and international media were invited.
He first insisted on the record results of the canal which brought in 8 billion dollars in 2022, i.e. 25% more than in 2021. Then he underlined the need to increase investments so that the waterway international community is also an industrial and commercial centre.
No question of selling "
the slightest drop of water or grain of sand
" he hammered in front of journalists who are mostly committed to the government cause.
Network controversy
These official explanations did not convince.
The Internet is still the scene of attacks against the channel's investment fund.
Moreover, the Egyptian opposition in exile – Muslim Brotherhood and liberal left – seized on the affair to accuse the regime of “
ruining and selling the country to the IMF and other economic powers
”.
Independent economists believe that the power has embarked on a series of non-productive pharaonic projects.
But apart from the pure and hard supporters of power, reservations are expressed.
Even pro-government journalists find that the government does not consult the population on crucial issues.
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Also to listen: Decryption - The Suez Canal still essential
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