Egyptian official says Suez Canal 'not for sale' amid fears of foreign investment
The chairman of Egypt's Suez Canal Authority has responded after a parliamentary session discussing a private fund linked to the waterway sparked widespread criticism.
The head of Egypt’s Suez Canal Authority (SCA) announced Thursday that the waterway is open to foreign investment, but he stressed that foreigners would have no control over its management.
Speaking to reporters, SCA Chairman Osama Rabie said, "We cannot sell the canal or rent it. It is the property of Egypt and the Egyptians."
Rabie was responding to public criticism following discussion of a draft law in parliament earlier this week.
What happened: Earlier in the week, lawmakers held a session addressing legal amendments to allow the SCA to form a private fund with a capacity of 100 billion Egyptian pounds ($4 billion) to assist the authority with economic and investment activities..
