CAIRO: “The Suez Canal development project is on the top of the government’s priorities and will be ready at the beginning of 2015,” said the Minister of International Cooperation and Planning Ashraf al-Araby on Tuesday.
During the ninth annual forum for documenting Egyptian and Middle East economic activity, Araby assured that the project is being prepared and will be ready for execution at the beginning of 2015.
Two billion EGP (U.S. $287.356 million) will be allocated for the infrastructure of Suez Canal road in cooperation with Japan and China, according to Youm7.
Head of the Suez Canal Authority Ehab Memesh told ONTV Channel on March 21 that the canal’s revenues have increased by 4 percent in the hard currency and by 17 percent in local currency between July 2013 and February 2014. Memesh expects that the total revenues will increase to 5.5 billion dollars this financial year.
Memesh assured that the international organization who will choose the best plan for the project will be announced on April 3 alongside the chosen plan.
Memesh said in a Jan. 4press conference that the project aims to develop the Egyptian economy by establishing new industrial entities in the Suez Canal region.