Council denies selling Suez Canal

The Egyptian Council of Ministers confirmed that the recent circulation regarding the possible transfer of ownership of some public assets, including the Suez Canal, to the Central Bank in exchange for settling government debts, is merely a personal opinion and has not been officially endorsed by the government. They clarified that previous studies concluded that such a barter would not be practically beneficial, and that transferring assets alone does not independently reduce the country's financial obligations. They emphasized that the Suez Canal is a strategic facility with a special nature, linked to national security and Egyptian sovereignty. The government is not studying or considering mortgaging or transferring its ownership. The management of public debt is being carried out through improving financial performance, increasing resources, and implementing policies of partnership and privatization to multiply revenues and strengthen the national economy.

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