Prominent Egyptian scientist Farouq al-Baz said he had passed his ‘Development Corridor’ project proposal on to a ministerial committee charged with maintaining the country’s economic performance at a Tuesday meeting headed by Prime Minister Ahmed Shafiq.
Al-Baz said that he had rejected a proposal by Shafiq that he oversee the project's implementation in Egypt. Al-Baz described the project as a ‘gift for Egypt.’
“I spent 20 years preparing for this project so the Egyptian people might be be its rightful owners,” al-Baz told Al-Masry Al-Youm. “I strongly recommended that the government not intervene in the management of the project so as not to corrupt it.”
“I also proposed it for public ownership. The project’s shares would be valued at LE1 each, and no one should be allowed to purchase a large amount of these shares so as not to have control over the project,” al-Baz added.
At a symposium held at Cairo's Al-Sawy Culture Wheel, al-Baz expressed support for the Shafiq government, saying, “It includes prominent figures.”
“Egypt could hold a top rank in ten years,” al-Baz said, adding that “everyone should know that the recession Egypt has been experiencing was due to former governments.”
The National Center for Housing and Construction Research, affiliated with the Ministry of Housing, Utilities and Urban Development, has announced its intention to discuss the project further with al-Baz.
Translated from the Arabic Edition.