Egyptian Parliament member and Vice-President of the Social Democratic Get together, Freddy al-Bayyadi, raised a difficulty to the Prime Minister relating to the state’s intention to hold on with the Suez Canal duplication venture, RT Arabic reported.
He expressed issues that the venture may result in elevated international affect in Egypt, thereby posing a risk to nationwide safety.
Bayyadi additionally voiced his fears in regards to the potential for environmental harm and the influence on native communities.
“The Suez Canal Authority introduced the state’s intention to finish the duplication of the Suez Canal for a distance of 80 km, which is longer than the earlier venture that value about LE64 billion to dig the department (about 10 billion {dollars} on the alternate fee on the time of the beginning of the venture implementation),” he mentioned.
“The quantity was not sufficient, so the state borrowed about US$850 million from native banks, whereas the state’s basic funds bore about LE7.6 billion yearly, which is the quantity of debt service for the 64 billion that was collected.”
He continued, “The federal government should reply a number of questions: Is that this probably the most acceptable time to consider a venture of this measurement within the midst of a grinding financial disaster that we’re nonetheless making an attempt to get out of?!”
“And is that this probably the most acceptable time in gentle of a regional disaster and geopolitical challenges which have led to a 50 p.c decline within the quantity of navigation and revenues of the Suez Canal?! And the way does this announcement align with the federal government’s pledge to cease beginning any new large tasks?!” he added.
The MP expressed additional doubts, stating, “The pinnacle of the authority acknowledged that the brand new venture is not going to burden the state funds – fairly, it is going to be spent on the revenues from funding tasks within the Suez Canal! Was the Suez Canal impartial from the Egyptian state?! It is likely one of the most essential assets of the state, if not an important already! Why is the federal government decided to not adhere to the concept of a united state funds?!”
“And the place is the inner feasibility examine that the Chairman of the Authority talked about and which was carried out by the Planning Division of the Authority?”
“Why was the preliminary feasibility examine not offered for examine and dialogue throughout the specialised parliamentary committees earlier than presenting it to exterior corporations?!”, he questioned.
“The pinnacle of the authority talked about the names of the 2 Egyptian corporations that may conduct the feasibility examine. On what foundation had been these two corporations chosen? And what’s the price of this examine? Is it extra acceptable for 2 engineering corporations to hold it out as a substitute of enormous corporations or monetary establishments, to review the financial feasibility within the first place?!”
The MP concluded by saying, “Will the completion of this venture require the entry of different events and international locations into funding tasks alongside the canal and in Sinai, which poses a hazard to Egypt’s nationwide safety on this particular area?!”
Doubling the canal
Egypt is getting ready to conduct a feasibility examine on an enormous new venture aiming to broaden the Suez Canal to hurry up transit occasions and keep away from maritime visitors jams.
Journalist Ahmed Moussa revealed, via his program “By My Duty” on Sunday, that the chairman of the Suez Canal Authority (SCA) Osama Rabie will current to President Abdel Fattah al-Sisi the “duplication of the Suez Canal” venture.
In accordance with Moussa, the Egyptian state is at the moment engaged on creating two canals at a size of 192 km, to resolve ship ready occasions which might prolong to 3 hours.
He assured that the venture to double the Suez Canal may have a one hundred pc security fee.
He famous that previously 70 to 80 ships would journey via the canal each day, and following the venture the passage of ships via Egypt will improve and the passage interval will likely be lowered to roughly 9 hours.
