CAIRO: The Ministry of Communication and Technology will participate in developing the Suez Canal axis with investments worth about 15 billion EGP to implement the infrastructure of communication and information technology, Minister of Technology Atef Helmy said Wednesday.
In a Wednesday statement issued by the ministry, Helmy said that they will implement three main axes in coordination with Ismailia and Suez governorates.
The first axis is represented by constructing an international logistic region for the Middle East and African markets. The second axis will be represented by constructing an international center for internet services to expand investment through 17 marine cables that will provide revenues worth one billion EGP yearly.
The third axis is represented by reviving the “technology valley” project east the Suez Canal that seeks to build an urban industrial community that relies on the high tech industries and modern software and electronics.
Last Tuesday, Suez Canal Chairman Mohab Mamish announced during the opening ceremony of the canal axis project constructing a “new branch” in an attempt to revive the Egyptian economy.
A global assessment office monitored the process of selecting who would implement the project. Out of 44 competitors, 17 contractors were chosen, Youm7 quoted Mamish saying during his speech.
He added that the project will reduce the time ships take to pass through the canal and will minimize the waiting period from 11 hours to around three hours.
Ships will get to choose the new corridor, which will be 72 kilometers long, extending from Ismailiya’s el-Ballah to el-Kabreet Island in Suez, for a lesser waiting period, said Mamish, predicting the project would double revenue from the Suez Canal.
Bigger ships reaching 65 feet in height will be able to pass through the branch, which is expected to significantly increase Egypt’s revenue from the Suez Canal, Youm7 reported.
President Abdel Fatah al-Sisi said during his speech at the opening ceremony that Egyptians will experience a new economic era that will depend on the strength of the people, and that the project will be owned by Egyptians.
He called on authorities to conduct the development projects by next year; however, studies indicate that the project would take from 3 to 5 years.