Rédaction Africa Links 24 with Egypt Independent
Published on 2024-03-07 11:02:06
Egyptian Parliament member and Vice-President of the Social Democratic Party, Freddy al-Bayyadi, recently brought up a concerning issue to the Prime Minister regarding the state’s plan to move forward with the Suez Canal duplication project, as reported by RT Arabic. His primary worry revolved around the potential increase in foreign influence in Egypt, which could potentially pose a threat to national security.
In addition to the geopolitical concerns, Bayyadi also highlighted worries about environmental damage and the impact on local communities that may arise as a result of the canal duplication project. He pointed out that the Suez Canal Authority had announced the state’s intention to extend the canal by 80 km, a considerable increase compared to the previous project that cost approximately LE64 billion.
Bayyadi raised questions about the financial implications of the project, noting that the initial budget was insufficient, leading the state to borrow about US$850 million from local banks. The state’s general budget would also be burdened with an annual debt service of about LE7.6 billion to cover the previous project’s costs.
Amid an ongoing economic crisis and regional challenges affecting the Suez Canal’s navigation volume and revenues, Bayyadi questioned the timing of such a massive project. He expressed doubts about the project’s alignment with the government’s commitment to refrain from embarking on new extensive projects and its potential impact on the state budget.
Furthermore, Bayyadi criticized the lack of transparency in the decision-making process, noting that the government had not presented the preliminary feasibility study to specialized parliamentary committees before involving external companies. He questioned the selection process of the Egyptian companies tasked with conducting the feasibility study and raised concerns about potential foreign involvement in investment projects along the canal and in Sinai, posing a threat to Egypt’s national security in the region.
On the other hand, Egypt is gearing up to conduct a feasibility study on the ambitious project to expand the Suez Canal, aiming to improve transit times and alleviate maritime traffic congestion. Journalist Ahmed Moussa revealed that the Chairman of the Suez Canal Authority, Osama Rabie, will present the “duplication of the Suez Canal” project to President Abdel Fattah al-Sisi.
The plan involves creating two canals totaling 192 km in length to address ship waiting times, with the objective of reducing passage times from three hours to approximately nine hours. Moussa emphasized that the project would significantly increase the number of ships passing through Egypt while ensuring a 100 percent safety rate.
In conclusion, the debate surrounding the Suez Canal duplication project involves complex considerations, from financial sustainability and economic feasibility to national security and environmental impact. As Egypt moves forward with this ambitious undertaking, it is essential to address the concerns raised by stakeholders and ensure transparency in decision-making processes to safeguard the country’s interests.
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