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Government denies Suez Canal ownership transfer
The Egyptian Cabinet has emphasized that the reports circulating about the possibility of transferring ownership of the Suez Canal to the Central Bank in exchange for settling government debts reflect a personal view rather than an official government stance. It clarified that previous studies on asset-for-debt swaps have not led to the adoption of this approach due to its economic complexities and its ineffectiveness in reducing the government's overall liabilities. The Cabinet reaffirmed that the Suez Canal is a strategic asset linked to national security and the economy, and that the government continues to manage public debt by improving financial indicators, achieving surpluses, and increasing asset revenues, all while safeguarding the rights of future generations.
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