Where does the Suez Canal money go in Egypt?

The head of the Suez Canal Authority confirmed that the request for amendments to the law on the Suez Canal Authority is aimed at creating confidence in the Suez Canal Foundation so that its budget is controlled by the Central Audit Organization.

In televised addresses to the evening program presented by journalist Mohammed El-Baz, he added that the idea for the foundation came in 2019 when he took over as president of the Suez Canal Authority, noting that President Abdel-Fattah El-Sisi asked him: “You are carrying a fist on the side”, and he replied then that all the funds of the government go to the state budget, and at that time the idea of ​​​​creating a fund was proposed.

Regarding the budget of the Suez Canal Management Fund, he said: 85% of the channel’s income goes to the general budget, and the remaining 15% goes to salaries and operating expenses, and at the end of the year, the surplus money was left from the salary and operating expenses item and it also went to the state budget , but after the establishment of the law, the remaining money will go to the fund for investment, the compensation amount for the ship Evergiven also went to the fund.

Regarding the word “sale of contested assets” that was in the public mind in the new law governing the management of the Suez Canal, he said: The Suez Canal, which belongs to the people and is regulated by the Constitution.

Osama Rabie confirmed that there are no foreigners in the management of the Suez Canal Administration Fund, but the fund can carry out projects in partnership with foreigners, but the largest percentage will be with the Suez Canal Administration, and therefore the management will be in the hands of the fund and the body.

Source: Cairo 24 + An-Nahar.