Anwar El Sadat Questions the New Suez Canal Law

Anwar El Sadat, Chairman of the "Reform and Development Party," demanded clarification regarding the Presidential Decree, preventing appeals against the Suez Canal Law. He stated that the following matters need to be explained to the public about the Canal's investment bonds:

1) Will the Government release a new batch of bonds to continue funding expansion of the project in addition to all the complementary projects announced?

2) To this day, no technical or financial reports about the project were issued clarifying the value of contracts signed by implementing companies after 9 months of work and the approaching deadlines promised by the President.

3) How much did the drilling cost so far and how much will dredging cost in the coming period?

4) Was a contract signed for drilling the 7 tunnels passing through the Canal?
5) What is the deadline for the project in its final developed form?

El Sadat affirmed that Egyptians are waiting for the Government's detailed plan to develop the Suez Canal area according to which bonds were issued valued at 64 billion EGP. There is no doubt that transparency regarding these issues will reassure investors as well as millions of Egyptians who shared their savings as funding for the project.


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