Egypt: No sale, mortgage, or barter of the Suez Canal

The Egyptian Cabinet confirmed yesterday that rumors circulating regarding the transfer of ownership of certain state-owned assets, including the Suez Canal, to the Central Bank in exchange for settling part of the government’s domestic debt do not in any way represent a direction or proposal endorsed by the Egyptian government.

The Cabinet stressed in a statement that the Suez Canal is not subject to any such proposal, and that there are no government intentions to barter, pledge, or transfer ownership of the canal in exchange for debt settlement.