Egypt’s House approves Suez Canal Authority Law amendment in principle



Mon, 19 Dec 2022 - 01:17 GMT


Mon, 19 Dec 2022 - 01:17 GMT

CAIRO – 19 December 2022: The House of Representatives has approved in principle to a draft law presented by the government on amending some articles of Law 30 of 1975 on the Suez Canal Authority system.

The approval came during a session under Speaker Hanafi Gebali on Monday.

The amendment aims at establishing a fund belonging to the authority and increasing its capabilities to contribute to achieving sustainable economic development and make use of the fund's money as well as enabling the fund to purchase, sell, hire and exploit assets in the best way.

The amendment also aims at enabling the authority to deal with crises and emergency conditions resulting from exceptional circumstances and bad economic conditions.

It also aims at enabling the authority to perform its economic and investment activities and increase its capital and investments in securities.

And according to the text of Article 43 of the Constitution, the state is committed to protecting, developing, and preserving the Suez Canal as an international waterway owned by it, and obliges it to develop the canal sector, as it is a distinguished economic center.

The approval report of the law indicated that in light of the current economic conditions the world is witnessing, and given the challenges facing the Suez Canal including the decline in global trade rates as an impact of the repercussions of the Corona virus, and the fluctuation of crude oil prices and its repercussions on the costs of shipping various commodities and goods, it has become important to develop the facility [Suez Canal].





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