Arab Finance: The Cabinet’s Media Center has dismissed circulating claims attributed to Prime Minister Mostafa Madbouly regarding Suez Canal losses of approximately $500 million per month, as per an official statement.
The remarks have been taken out of context and misleadingly linked to a proposal to sell or transfer ownership of the canal in exchange for debt settlement.
The Media Center elaborated that Madbouly’s statements date back to 2024 and were made during a press conference following a sharp decline in Suez Canal traffic amid regional instability. At the time, several international shipping companies rerouted their vessels, significantly affecting canal revenues.
The same remarks are now being recirculated alongside claims concerning a proposal to transfer ownership of certain state-owned assets, including the Suez Canal, to the Central Bank of Egypt (CBE) in exchange for settling part of the government’s domestic debt.
The government has ruled out the Suez Canal from any such arrangements, emphasizing that it has no intention of selling, mortgaging, exchanging, or transferring ownership of the canal in return for debt settlement.
Hence, the Media Center urged the public to verify news on social media and rely on official government sources for accurate information.
