CAIRO: Egyptian banks will issue Suez Canal investment certificates, which last for five years with a 12 percent interest rate, Prime Minister Ibrahim Mahlab said, according to State TV.
The Suez Canal axis project aims to revive the Egyptian economy by building a new branch, Suez Canal Authority Chairman Mohab Mamish said Aug. 5 during the opening ceremony of the canal axis project.
A global assessment office monitored the process of selecting who would implement the project. Out of 44 competitors, it was narrowed down to 17 contractors, Youm7 reported Mamish as saying during his speech.
Mamish said the monitoring office was French, because France did not have a national company competing for the project and thus did not hold a national interest in the competition. He added that the project will reduce the time of ships’ passage 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.
The Armed Forces’ Engineering Authority added 16 working companies to work on the Suez Canalaxis, with a total of 33 Egyptian civilian companies specializing in excavation work, Armed Forces spokesperson Mohamed Samir announced Sunday.
Two engineering corps military brigades were added to accomplish 36 months of work in just 12 months as President Abdel Fatah al-Sisi ordered.
Samir also pointed out that the military will periodically update the public about the work, according to a press statement published on his official Facebook page.
Sisi officially inaugurated the opening ceremony of the Suez Canal Axis with a total cost of $8.2 billion. He said in his ceremonial speech that “Egyptians will experience a new economic era that will depend on the strength of the people and the project will be owned by Egyptians.”