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The Suez Canal Authority (SCA) said that there was no intention to sell (privatising) the public company through the backdoor by establishing the Suez Canal Authority Fund
The Suez Canal Authority (SCA) said that there was no intention to sell (privatising) the public company through the backdoor by establishing the Suez Canal Authority Fund.
The canal and its management will remain wholly owned by the Egyptian state and subject to its sovereignty. It also stressed that the entire staff of the Canal Authority, including employees, technicians, and administrators, will remain Egyptian citizens.
Last December, there was a report that the Suez Canal Authority (SCA), the government body that operates the Suez Canal, plans to establish its own sovereign wealth fund for the first time with the objective to cushion the canal from possible crises and fluctuations in international trade. The SCA channels the revenues of the canal, including transit fees, to the Egyptian Ministry of Finance at the end of each month.
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According to some reports, SCA has already started setting aside some of the revenues so that it can establish the planned sovereign wealth fund. The new fund will mean that the SCA would not send all the revenues of the canal to the Ministry of Finance as usual. Beneath the creation of the possible funds are the numerous challenges the Suez Canal faced over the past period.
