Lieutenant General Osama Rabie, head of the commission stressed Suez CanalHe stated that the constitution and the Egyptian people protect the Suez Canal, indicating that the idea of establishing the Suez Canal Fund dates back to 2019.
Osama Rabie added, during an international press conference, that the channel achieved $7.9 billion in profits, an increase of 25% over the previous year, commenting: “We also achieved an increase in the number of ships during the Corona period than any other channel.
Regarding the idea of the fund to be established, he said: “The fund has nothing to do with assets or facilities Suez Canal Or its budget or projects. This is an independent entity. We separate the fund from the facility, and there is no communication between them, and they will not float on each other, nor will we take from here and drop here, there is no talk of this, every need has a budget and is monitored from more than one side.
He continued by saying: “We will not deduct from the state’s budget in order to put it in the fund, because the state’s budget is allocated and reviewed by the Authority, then Finance and the Central Auditing Organization, then the Budget Committee in the House of Representatives, then it is approved and the largest part of the state is determined in it, which remains the surplus, taxes and royalties.” In it, the largest part of the state is determined, which is a phrase known for the investment projects of the authority, employment, salaries and fuel with specific numbers that can only be moved through a retracted budget approved by the House of Representatives, so it is not closer to the surplus part, royalties and taxes specified for the state, and we cannot take anything from it, well, where will the money come from?, Operating and fuel projects, part remains to be collected at the end of the year and can be returned to the state other than the specified budget. This is the part that will be kept aside for emergency conditions or investments and a fund in which giant projects such as building large ships, docks and arsenals in houses of expertise and feasibility studies that are regressing and successful only with financial observers and legal specialists and investors from outside the Suez Canal.
