Proposal to Save Egypt from Selling its Ancient Hotels and Factories by Utilizing the Suez Canal

Egyptian economist Hani Taufik has proposed paying $80 billion (principal and interest) through the Suez Canal that Egypt owes by the end of 2027.

Taufik said that this proposal boils down to the creation of a special fund into which all the revenues of the Suez Canal, which currently amount to about $10 billion annually, will go. so that at the expiration of fifty years and at the expiration of the term, the value of the bonds may be paid to their holders.

The Egyptian expert pointed out that the conclusion is:

1) These bonds are legally guaranteed by the fund and its income from the Suez Canal, not by the canal itself.

2) I repeat for the fearful or skeptical: the channel itself is not a pledge or guarantee, and its income is only a receivable.

3) This mechanism saves us from selling our ancient hotels, real estate or factories, as they remain wholly in our ownership, oh my God, those from which the state withdraws under the document of state ownership.

4) This method is characterized by the speed necessary to ensure that we do not stumble and pay our debts on time and without delay, especially since the return on these assets is difficult to achieve the required $ 80 billion.

5) This Sinking Fund mechanism is used in many similar cases around the world and the channel is completely safe.

Source: RT

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