Parliamentarian and President of the Reform and Development Party, Anwar El Sadat, submitted and urgent request for questioning the Prime Minister and Lieutenant General Mamish, president of the Suez Canal Authority. Recent reports by navigation organizations mentioned that dozens of international cargo ships are going through the Cape of Good Hope instead of the Suez Canal after the decrease in gas prices which favored the longer route.
Mr Sadat considered this a negative indicator, which will drastically decrease the Canal's profits if more ships choose this alternative route instead of paying high fees to pass through the Suez Canal. It will also put the Canal's management in front of difficult choices, between decreasing passing fees or waiting for oil prices to rise.
This comes at a time when millions of Egyptians have high hopes on the Suez Canal Project, to which they have donated billions without hesitation, believing in its grand foreseen profits. El Sadat affirmed that the government and the Canal Authority must clarify the current situation and what alternative strategies are planned to not only overcome challenges but to increase profits from the Canal on the short and long term, especially that Egypt now is facing a complex crisis regarding foreign exchange and cannot handle more pressure on its foreign currency resources.
Mostafa Jibreel
Media Coordinator
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