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Egypt’s Response to the Privatization of Suez Canal Projects

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The head of the Suez Canal Authority in Egypt, Osama Rabie, said that the privatization or lease of any project on the canal is out of the question.

He added today, Wednesday, during the Canal Authority’s press conference on the fiscal year harvest and development of the southern sector development project, that the management’s assets belong to the Egyptians, explaining that the constitution requires that any power project be presented to the people first through the House of Representatives.

He explained that currently the authorities are offering 20% ​​of the Ribat company as part of the state offer, in accordance with the policy of the state and government and encouraging them.

Rabi noted that this placement brought the expected return, given that the company is successful, which means that there will be demand for its shares.

Source: RT

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